Lucid Group (NASDAQ:LCID) Stock Price Down 2.3% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 2.3% on Friday . The company traded as low as $10.94 and last traded at $11.07. 6,717,437 shares were traded during trading, a decline of 19% from the average session volume of 8,300,678 shares. The stock had previously closed at $11.33.

Analysts Set New Price Targets

A number of analysts recently commented on LCID shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Stifel Nicolaus reduced their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Royal Bank Of Canada dropped their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. Zacks Research lowered shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Finally, Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Trading Down 2.3%

The company has a market capitalization of $3.59 billion, a P/E ratio of -1.03 and a beta of 0.89. The business has a 50 day moving average price of $11.72 and a 200 day moving average price of $17.77. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data 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 firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm’s revenue for the quarter was up 68.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.76) EPS. Analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Several hedge funds have recently added to or reduced their stakes in LCID. Valeo Financial Advisors LLC grew its stake in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock valued at $123,000 after purchasing an additional 1,604 shares in the last quarter. Arizona State Retirement System grew its position in shares of Lucid Group by 6.2% in the 4th quarter. Arizona State Retirement System now owns 38,236 shares of the company’s stock valued at $404,000 after purchasing an additional 2,217 shares during the period. Amalgamated Bank increased its stake in Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after purchasing an additional 4,720 shares in the last quarter. Finally, Prakash Investment Advisors LLC increased its stake in Lucid Group by 49.4% during the 4th quarter. Prakash Investment Advisors LLC now owns 15,100 shares of the company’s stock worth $160,000 after purchasing an additional 4,990 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.