Lucid Group (NASDAQ:LCID) Stock Price Down 0.8%

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 0.8% during mid-day trading on Tuesday . The company traded as low as $2.35 and last traded at $2.41. 5,312,113 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 35,326,609 shares. The stock had previously closed at $2.43.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LCID. Stifel Nicolaus cut their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Robert W. Baird cut their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Bank of America dropped their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Finally, Morgan Stanley reiterated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.80.

Lucid Group Stock Up 0.8 %

The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The firm’s 50-day simple moving average is $3.00 and its 200 day simple moving average is $3.73.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The company had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company’s revenue was down 39.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.40) earnings per share. As a group, equities analysts expect that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. US Bancorp DE lifted its position in Lucid Group by 67.6% in the 1st quarter. US Bancorp DE now owns 14,017 shares of the company’s stock worth $356,000 after buying an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Lucid Group by 16.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock worth $482,000 after buying an additional 2,661 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in Lucid Group in the 1st quarter worth approximately $383,000. BlackRock Inc. lifted its position in Lucid Group by 23.7% in the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after buying an additional 2,990,659 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in Lucid Group in the 1st quarter worth approximately $400,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.