Lucid Group (NASDAQ:LCID) Shares Down 5.6% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 5.6% during trading on Friday. The company traded as low as $2.89 and last traded at $3.02. 14,297,315 shares were traded during trading, an increase of 8% from the average daily volume of 13,230,200 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

Several brokerages recently weighed in on LCID. William Blair lowered Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Royal Bank Of Canada decreased their target price on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday, October 12th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Morgan Stanley dropped their target price on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and a consensus price target of $8.67.

Lucid Group Stock Down 5.6%

The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -0.22 and a beta of 1.00. The business has a 50 day moving average price of $4.11 and a 200-day moving average price of $6.95.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) 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 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 business’s revenue was up 56.2% on a year-over-year basis. During the same period last year, the firm posted ($0.24) earnings per share. Research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its stake in shares of Lucid Group by 6.8% in the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock valued at $378,000 after purchasing an additional 2,520 shares during the period. EverSource Wealth Advisors LLC increased its stake in 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 buying an additional 2,740 shares during the period. Allworth Financial LP lifted its holdings in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after buying an additional 2,864 shares in the last quarter. IFP Advisors Inc lifted its holdings in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after buying an additional 3,497 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of Lucid Group by 25.1% during the first quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock worth $213,000 after acquiring an additional 4,485 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

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

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.