Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $2.38, but opened at $2.31. Lucid Group shares last traded at $2.40, with a volume of 4,209,419 shares changing hands.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on LCID shares. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Bank of America dropped their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Robert W. Baird dropped their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Citigroup reaffirmed a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday. Finally, Stifel Nicolaus dropped their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $4.34.
Get Our Latest Research Report on Lucid Group
Lucid Group Price Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings data 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). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. During the same period in the previous year, the business posted ($0.40) earnings per share. The company’s revenue for the quarter was down 39.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current year.
Institutional Trading of Lucid Group
Several hedge funds have recently made changes to their positions in the company. Simplicity Wealth LLC acquired a new stake in shares of Lucid Group in the 1st quarter worth $42,000. Summit Trail Advisors LLC acquired a new stake in shares of Lucid Group in the 1st quarter worth $35,000. PFG Investments LLC acquired a new stake in shares of Lucid Group in the 1st quarter worth $47,000. First Trust Direct Indexing L.P. lifted its stake in shares of Lucid Group by 5.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after acquiring an additional 4,350 shares during the period. Finally, Norden Group LLC acquired a new stake in shares of Lucid Group in the 1st quarter worth $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.
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.
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