Lucid Group (NASDAQ:LCID) Reaches New 12-Month Low – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.31 and last traded at $11.3880, with a volume of 4223899 shares. The stock had previously closed at $11.81.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Stifel Nicolaus cut their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Stock Performance

The stock has a market cap of $3.68 billion, a P/E ratio of -1.06 and a beta of 0.87. The firm’s 50-day moving average is $16.27 and its two-hundred day moving average is $20.37. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate 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 company’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($2.76) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cigna Investments Inc. New acquired a new stake in shares of Lucid Group in the second quarter valued at about $25,000. Valeo Financial Advisors LLC grew its holdings in 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 last quarter. Tyche Wealth Partners LLC bought a new position in Lucid Group in the 2nd quarter worth approximately $26,000. Integrity Alliance LLC. acquired a new position in shares of Lucid Group during the first quarter worth approximately $27,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Lucid Group by 111.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock valued at $29,000 after acquiring an additional 6,295 shares during the period. Institutional investors and hedge funds 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.