Lucid Group (NASDAQ:LCID) Stock Price Down 3.1%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 3.1% during mid-day trading on Tuesday . The stock traded as low as $2.81 and last traded at $2.83. 15,272,948 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 38,338,316 shares. The stock had previously closed at $2.92.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LCID. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Bank of America decreased their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Robert W. Baird decreased their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Stifel Nicolaus decreased their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Finally, Morgan Stanley reissued an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Price Performance

The business’s fifty day simple moving average is $3.14 and its 200 day simple moving average is $4.04. 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 (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The business had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 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 down 39.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.40) EPS. On average, analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC lifted its stake in Lucid Group by 184.6% in the third quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock valued at $25,000 after buying an additional 2,907 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in Lucid Group in the first quarter valued at $25,000. GAMMA Investing LLC bought a new stake in Lucid Group in the fourth quarter valued at $28,000. First Manhattan Co. lifted its stake in Lucid Group by 666.7% in the first quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the last quarter. Finally, Itau Unibanco Holding S.A. lifted its stake in Lucid Group by 283.3% in the second quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock valued at $34,000 after buying an additional 3,671 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.