Lucid Group (NASDAQ:LCID) Hits New 1-Year Low at $2.31

Lucid Group, Inc. (NASDAQ:LCID)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $2.31 and last traded at $2.34, with a volume of 8532110 shares changing hands. The stock had previously closed at $2.45.

Analyst Ratings Changes

A number of equities analysts have commented on LCID shares. Citigroup reissued a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a report on Monday. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and cut their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Stifel Nicolaus cut their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Finally, Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.34.

Lucid Group Stock Performance

The firm has a 50 day simple moving average of $2.92 and a 200-day simple moving average of $3.64. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The company has a market cap of $5.80 billion, a price-to-earnings ratio of -1.80 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. Lucid Group’s revenue was down 39.0% compared to the same quarter last year. During the same period last year, the business earned ($0.40) EPS. As a group, analysts predict that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of Lucid Group during the fourth quarter worth $28,000. Norden Group LLC purchased a new position in shares of Lucid Group during the first quarter worth $32,000. Summit Trail Advisors LLC purchased a new position in shares of Lucid Group during the first quarter worth $35,000. UniSuper Management Pty Ltd boosted its position in shares of Lucid Group by 127.6% during the third quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after buying an additional 3,700 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Lucid Group during the third quarter worth $38,000. 75.17% of the stock is currently owned by hedge funds and other 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.