Lucid Group (NASDAQ:LCID) Shares Down 7.7% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 7.7% during mid-day trading on Monday . The stock traded as low as $12.43 and last traded at $12.58. 9,426,143 shares changed hands during trading, a decline of 16% from the average session volume of 11,212,181 shares. The stock had previously closed at $13.63.

Analyst Ratings Changes

A number of research firms have recently issued reports on LCID. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Tuesday, November 25th. Morgan Stanley lifted their price target on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 2nd. Finally, Stifel Nicolaus lowered their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $24.04.

Lucid Group Stock Down 7.7%

The company has a market capitalization of $4.08 billion, a P/E ratio of -1.17 and a beta of 0.87. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The stock’s fifty day moving average is $18.62 and its 200 day moving average is $21.45.

Lucid Group (NASDAQ:LCID) last released 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 during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. Lucid Group’s revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($2.76) EPS. Research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Lucid Group in the first quarter valued at $146,000. HB Wealth Management LLC purchased a new stake in shares of Lucid Group in the 1st quarter worth about $25,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Lucid Group by 54.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,361 shares of the company’s stock worth $625,000 after purchasing an additional 90,677 shares during the period. Federated Hermes Inc. boosted its stake in shares of Lucid Group by 36.4% during the 1st quarter. Federated Hermes Inc. now owns 42,855 shares of the company’s stock valued at $104,000 after purchasing an additional 11,445 shares in the last quarter. Finally, NorthRock Partners LLC purchased a new position in shares of Lucid Group during the first quarter valued at about $59,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.