Lucid Group (NASDAQ:LCID) Trading Down 1.9% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 1.9% during trading on Tuesday . The company traded as low as $10.90 and last traded at $10.90. Approximately 7,456,661 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 10,885,180 shares. The stock had previously closed at $11.11.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent research reports. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Stifel Nicolaus dropped their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $21.54.

Lucid Group Trading Down 1.9%

The company has a market cap of $3.53 billion, a price-to-earnings ratio of -1.02 and a beta of 0.87. The business’s 50 day moving average price is $14.34 and its 200-day moving average price is $19.57. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s revenue was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.76) EPS. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. increased its holdings in shares of Lucid Group by 11.1% during the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after buying an additional 34,116 shares in the last quarter. HBK Investments L P bought a new stake in shares of Lucid Group in the 2nd quarter valued at about $2,658,000. Highbridge Capital Management LLC acquired a new position in shares of Lucid Group in the second quarter worth approximately $3,245,000. Marex Group plc bought a new position in Lucid Group during the 2nd quarter worth approximately $7,613,000. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Lucid Group by 33.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 475,360 shares of the company’s stock valued at $1,003,000 after purchasing an additional 118,746 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.