Lucid Group (NASDAQ:LCID) Trading Down 2.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares fell 2.4% on Tuesday . The stock traded as low as $12.14 and last traded at $12.45. 9,321,094 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 11,142,476 shares. The stock had previously closed at $12.76.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on LCID shares. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $10.00 in a research note on Monday. Stifel Nicolaus lowered their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $21.54.

Lucid Group Price Performance

The company has a market cap of $4.04 billion, a PE ratio of -1.16 and a beta of 0.87. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The stock’s 50-day moving average is $17.43 and its 200 day moving average is $20.87.

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

Institutional Investors Weigh In On Lucid Group

Large investors have recently modified their holdings of the business. Cigna Investments Inc. New purchased a new position in shares of Lucid Group in the 2nd quarter valued at approximately $25,000. Valeo Financial Advisors LLC lifted its holdings in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the period. Tyche Wealth Partners LLC purchased a new stake in Lucid Group in the 2nd quarter worth approximately $26,000. Integrity Alliance LLC. purchased a new stake in Lucid Group during the first quarter worth $27,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock worth $29,000 after acquiring an additional 6,295 shares in the last quarter. Hedge funds and other institutional investors 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.