Lucid Group (NASDAQ:LCID) Trading Down 5%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 5% during trading on Monday . The stock traded as low as $3.02 and last traded at $3.03. Approximately 9,195,455 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 32,068,025 shares. The stock had previously closed at $3.19.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LCID shares. Citigroup reissued 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 reduced their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald upgraded Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price objective for the company in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $4.04.

Lucid Group Price Performance

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The company has a 50 day simple moving average of $3.04 and a 200 day simple moving average of $2.97. The stock has a market cap of $6.69 billion, a P/E ratio of -2.35 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same quarter last year, the business earned ($0.40) earnings per share. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. Sell-side analysts forecast that Lucid Group, Inc. will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the second quarter valued at about $27,000. GAMMA Investing LLC acquired a new position in shares of Lucid Group during the 4th quarter worth approximately $28,000. Meeder Advisory Services Inc. bought a new stake in shares of Lucid Group during the 1st quarter worth approximately $29,000. Norden Group LLC bought a new stake in shares of Lucid Group during the 1st quarter worth approximately $32,000. Finally, Heritage Wealth Advisors boosted its holdings in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.