Lucid Group (NASDAQ:LCID) Trading Down 6.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 6.9% during trading on Monday . The company traded as low as $2.64 and last traded at $2.65. 57,018,325 shares traded hands during trading, a decline of 16% from the average session volume of 68,005,270 shares. The stock had previously closed at $2.84.

Wall Street Analysts Forecast Growth

LCID has been the topic of several recent analyst reports. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Stifel Nicolaus dropped their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Robert W. Baird raised their target price on Lucid Group from $2.00 to $3.00 and gave the company a “neutral” rating in a report on Monday, April 21st. Finally, Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.68.

Lucid Group Stock Down 5.6%

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company’s fifty day simple moving average is $2.42 and its 200 day simple moving average is $2.56. The firm has a market capitalization of $8.12 billion, a PE ratio of -2.00 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same period last year, the business earned ($0.27) EPS. Lucid Group’s revenue was up 36.1% on a year-over-year basis. Analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in LCID. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Lucid Group by 27.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock valued at $44,000 after purchasing an additional 3,882 shares in the last quarter. Sei Investments Co. boosted its stake in Lucid Group by 14.0% in the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares in the last quarter. Voya Investment Management LLC boosted its stake in Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after acquiring an additional 4,591 shares in the last quarter. Alpine Global Management LLC boosted its stake in Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after acquiring an additional 4,653 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Lucid Group by 1.9% in the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock valued at $818,000 after acquiring an additional 5,022 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.