Lucid Group (NASDAQ:LCID) Stock Price Down 1.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 1.1% during trading on Tuesday . The company traded as low as $4.59 and last traded at $4.63. Approximately 7,877,212 shares were traded during trading, a decline of 43% from the average daily volume of 13,701,156 shares. The stock had previously closed at $4.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Citigroup dropped their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Stock Down 1.1%

The company has a market cap of $1.82 billion, a price-to-earnings ratio of -0.34 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The firm’s 50-day moving average price is $6.17 and its 200-day moving average price is $7.11.

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

Hedge Funds Weigh In On Lucid Group

Several large investors have recently bought and sold shares of LCID. Uber Technologies Inc acquired a new stake in shares of Lucid Group in the third quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after purchasing an additional 2,167,882 shares in the last quarter. Finally, HRT Financial LP boosted its position in shares of Lucid Group by 148.1% during the 2nd quarter. HRT Financial LP now owns 3,465,146 shares of the company’s stock valued at $7,311,000 after acquiring an additional 2,068,440 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.