Lucid Group (NASDAQ:LCID) Trading Down 8.7%

Lucid Group, Inc. (NASDAQ:LCID) shares fell 8.7% on Monday . The company traded as low as $3.79 and last traded at $3.88. 26,525,889 shares were traded during trading, a decline of 16% from the average session volume of 31,448,842 shares. The stock had previously closed at $4.25.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LCID. Citigroup reaffirmed a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Stifel Nicolaus cut their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, July 8th. Finally, Cantor Fitzgerald reissued an “underweight” rating and set a $4.00 price objective on shares of Lucid Group in a report on Monday. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, Lucid Group currently has an average rating of “Hold” and an average target price of $4.14.

Lucid Group Trading Down 12.9 %

The company has a 50-day simple moving average of $2.81 and a 200-day simple moving average of $2.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The stock has a market cap of $8.54 billion, a P/E ratio of -3.06 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. During the same quarter in the previous year, the firm posted ($0.43) EPS. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth $28,000. Meeder Advisory Services Inc. acquired a new stake in shares of Lucid Group during the first quarter worth $29,000. Norden Group LLC acquired a new stake in shares of Lucid Group during the first quarter worth $32,000. Heritage Wealth Advisors grew its stake in shares of Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the period. Finally, QRG Capital Management Inc. acquired a new stake in shares of Lucid Group during the second quarter worth $34,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.