Lucid Group (NASDAQ:LCID) Shares Gap Down After Earnings Miss

Lucid Group, Inc. (NASDAQ:LCID)’s stock price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $3.05, but opened at $2.80. Lucid Group shares last traded at $2.78, with a volume of 6,713,943 shares trading hands.

The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.43) earnings per share.

Analysts Set New Price Targets

A number of research firms have recently commented on LCID. Robert W. Baird reduced their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Citigroup reaffirmed a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Stifel Nicolaus dropped their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Tuesday. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.34.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after purchasing an additional 9,175,312 shares in the last quarter. Norges Bank bought a new stake in shares of Lucid Group in the 4th quarter worth $22,208,000. Hsbc Holdings PLC grew its stake in shares of Lucid Group by 496.8% in the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock worth $9,587,000 after acquiring an additional 1,900,730 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in Lucid Group during the third quarter worth about $6,230,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Down 11.1 %

The stock has a 50-day moving average of $2.77 and a 200 day moving average of $3.50. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $6.23 billion, a PE ratio of -1.94 and a beta of 1.04.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.