Lucid Group (NASDAQ:LCID) Stock Price Down 10.8% Following Weak Earnings

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 10.8% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.70 and last traded at $2.72. Approximately 13,504,108 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 32,964,336 shares. The stock had previously closed at $3.05.

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 during the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.43) EPS.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Bank of America dropped 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. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Robert W. Baird dropped their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus cut their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $4.24.

Institutional Investors Weigh In On Lucid Group

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

Lucid Group Price Performance

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 business has a 50-day simple moving average of $2.76 and a two-hundred day simple moving average of $3.47. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43.

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.