Lucid Group (NASDAQ:LCID) Shares Down 10.6% on Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 10.6% during trading on Friday after Morgan Stanley lowered their price target on the stock from $5.00 to $3.00. Morgan Stanley currently has an underweight rating on the stock. Lucid Group traded as low as $3.11 and last traded at $3.13. Approximately 10,400,076 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 13,326,178 shares. The stock had previously closed at $3.50.

Several other research analysts have also recently weighed in on LCID. William Blair cut shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research note on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. UBS Group restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Finally, Citigroup decreased their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and a consensus price target of $8.67.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC lifted its holdings in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after acquiring an additional 2,740 shares during the last quarter. IFP Advisors Inc increased its stake in Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after acquiring an additional 3,497 shares during the last quarter. Allworth Financial LP increased its stake in Lucid Group by 249.9% in the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after acquiring an additional 2,864 shares during the last quarter. Nykredit A S bought a new position in Lucid Group in the second quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group during the fourth quarter valued at about $77,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 10.6%

The stock has a 50-day simple moving average of $4.70 and a two-hundred day simple moving average of $5.92. The firm has a market cap of $1.23 billion, a PE ratio of -0.23 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data 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 return on equity of 1,391.51% and a negative net margin of 249.21%. The firm had revenue of $405.35 million during the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. Lucid Group’s revenue for the quarter was up 56.2% compared to the same quarter last year. Research analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

About Lucid Group

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.