Lucid Group (NASDAQ:LCID) Stock Price Down 3.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 3.7% during trading on Wednesday . The company traded as low as $4.09 and last traded at $4.16. Approximately 10,829,843 shares were traded during trading, a decline of 21% from the average session volume of 13,636,319 shares. The stock had previously closed at $4.32.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LCID. William Blair downgraded Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research report on Monday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Trading Down 3.7%

The company’s fifty day moving average price is $5.79 and its two-hundred day moving average price is $6.67. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -0.30 and a beta of 0.81.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm’s revenue was up 56.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.24) earnings per share. Research analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Bank of America Corp DE grew its holdings in Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after acquiring an additional 189,134 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after purchasing an additional 200,604 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Lucid Group during the second quarter worth approximately $3,125,000. Virtu Financial LLC bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $1,355,000. Finally, Quantinno Capital Management LP increased its holdings in shares of Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after purchasing an additional 144,089 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.