Lucid Group (NASDAQ:LCID) Stock Price Down 9.1% Following Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) was down 9.1% during mid-day trading on Monday after Stifel Nicolaus lowered their price target on the stock from $21.00 to $17.00. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $12.57 and last traded at $12.91. Approximately 16,036,387 shares changed hands during trading, an increase of 41% from the average daily volume of 11,368,299 shares. The stock had previously closed at $14.20.

A number of other brokerages also recently issued reports on LCID. Cantor Fitzgerald cut their price objective on shares of Lucid Group from $26.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Thursday. Finally, Morgan Stanley upped their price target on Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and a consensus price target of $23.59.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC purchased a new position in shares of Lucid Group in the third quarter valued at $212,000. Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group in the 3rd quarter worth $238,000. HB Wealth Management LLC acquired a new position in shares of Lucid Group during the first quarter worth $25,000. Integrity Alliance LLC. purchased a new stake in Lucid Group in the first quarter valued at about $27,000. Finally, Sapient Capital LLC acquired a new stake in shares of Lucid Group during the third quarter worth about $287,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Price Performance

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 firm has a market capitalization of $4.19 billion, a PE ratio of -1.21 and a beta of 0.80. The firm’s fifty day moving average price is $20.01 and its 200 day moving average price is $22.25.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the company earned ($2.76) EPS. Lucid Group’s revenue was up 68.3% compared to the same quarter last year. As a group, equities analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

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.