Lucid Group (NASDAQ:LCID) Stock Falls 1.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were down 1.9% on Friday. The stock traded as low as $4.01 and last traded at $4.07. 8,304,591 shares changed hands during trading, a decline of 39% from the average session volume of 13,577,062 shares. The stock had previously closed at $4.15.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of recent research reports. William Blair lowered Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a report on Monday. 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. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Citigroup reduced their target price 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 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’s stock. According to MarketBeat, Lucid Group currently has an average rating of “Reduce” and an average price target of $9.22.

Lucid Group Trading Down 1.9%

The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The firm has a market cap of $1.60 billion, a PE ratio of -0.30 and a beta of 0.81. The business has a fifty day moving average price of $5.71 and a 200 day moving average price of $6.59.

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

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new position in shares of Lucid Group in the second quarter worth $3,125,000. Headlands Technologies LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $1,368,000. Lazard Asset Management LLC lifted its holdings in Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after purchasing an additional 200,604 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after buying an additional 189,134 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after buying an additional 144,089 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.