Lucid Group (NASDAQ:LCID) Stock Price Down 7.6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 7.6% during trading on Monday . The company traded as low as $5.08 and last traded at $5.09. 10,181,239 shares changed hands during trading, a decline of 26% from the average session volume of 13,768,131 shares. The stock had previously closed at $5.51.

Wall Street Analyst Weigh In

LCID has been the topic of several research reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research report on Monday, August 3rd. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Benchmark lowered shares of Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Finally, Citigroup dropped their price objective on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Trading Up 3.3%

The stock has a fifty day moving average of $6.28 and a 200 day moving average of $7.46. The company has a market capitalization of $2.07 billion, a P/E ratio of -0.38 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.24) EPS. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC increased its stake in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Lucid Group by 103.2% in the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after purchasing an additional 11,252 shares during the period. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

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.