Lucid Group (NASDAQ:LCID) Shares Down 3.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) fell 3.2% on Monday . The company traded as low as $4.82 and last traded at $4.85. Approximately 10,782,765 shares changed hands during trading, a decline of 22% from the average session volume of 13,814,163 shares. The stock had previously closed at $5.01.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. TD Cowen decreased their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Citigroup lowered their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. Morgan Stanley set a $5.00 price objective on Lucid Group in a report on Wednesday, May 6th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $9.22.

Lucid Group Stock Performance

The stock has a 50-day moving average of $6.25 and a 200 day moving average of $7.27. The firm has a market capitalization of $1.79 billion, a P/E ratio of -0.33 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.24) EPS. On average, research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its holdings in Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after acquiring an additional 2,740 shares during the last quarter. Leonteq Securities AG bought a new position in shares of Lucid Group in the fourth quarter worth about $67,000. Nykredit A S acquired a new position in shares of Lucid Group during the second quarter worth approximately $47,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $77,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.