Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded down 2.1% on Tuesday . The stock traded as low as $5.59 and last traded at $5.61. 11,557,912 shares changed hands during trading, an increase of 1% from the average session volume of 11,483,387 shares. The stock had previously closed at $5.73.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Cantor Fitzgerald restated a “neutral” rating and set a $14.00 target price on shares of Lucid Group in a report on Monday, May 4th. TD Cowen cut their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Bank of America assumed coverage on Lucid Group in a report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price on the stock. Finally, Citigroup restated a “buy” rating and set a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Trading Up 2.8%

The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -0.44 and a beta of 0.88. The business has a 50-day moving average of $8.02 and a two-hundred day moving average of $10.49. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The firm had revenue of $282.47 million for the quarter, compared to analyst estimates of $358.46 million. During the same period last year, the business earned ($0.20) earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Essential Partners LLC acquired a new stake in Lucid Group during the first quarter valued at approximately $126,000. J. Derek Lewis & Associates Inc. boosted its holdings in Lucid Group by 32.8% during the first quarter. J. Derek Lewis & Associates Inc. now owns 19,820 shares of the company’s stock valued at $189,000 after purchasing an additional 4,896 shares in the last quarter. Bank of America Corp DE boosted its holdings in Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Lucid Group during the first quarter valued at approximately $976,000. Finally, Janus Henderson Group PLC boosted its holdings in Lucid Group by 28.0% during the first quarter. Janus Henderson Group PLC now owns 67,686 shares of the company’s stock valued at $646,000 after purchasing an additional 14,816 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

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.