Lucid Group (NASDAQ:LCID) Shares Gap Down on Disappointing Earnings

Lucid Group, Inc. (NASDAQ:LCID)’s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $3.05, but opened at $2.80. Lucid Group shares last traded at $2.78, with a volume of 6,713,943 shares changing hands.

The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 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 up 15.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.43) earnings per share.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on LCID shares. Stifel Nicolaus reduced their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday. Citigroup restated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Robert W. Baird cut their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Bank of America reduced their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Finally, Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.24.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. UniSuper Management Pty Ltd increased its position in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after purchasing an additional 3,700 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Lucid Group during the 4th quarter valued at $28,000. Banque Cantonale Vaudoise bought a new stake in Lucid Group during the 3rd quarter worth $38,000. China Universal Asset Management Co. Ltd. increased its holdings in Lucid Group by 309.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock worth $47,000 after purchasing an additional 6,398 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Lucid Group in the fourth quarter valued at about $43,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Up 3.4 %

The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of -1.94 and a beta of 1.04. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $2.76 and a 200 day moving average price of $3.47.

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.