Lucid Group (NASDAQ:LCID) Trading Down 0.2% Following Weak Earnings

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 0.2% during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $2.30 and last traded at $2.33. Approximately 38,734,170 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 64,764,300 shares. The stock had previously closed at $2.33.

The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same period in the previous year, the company posted ($0.27) earnings per share. The company's quarterly revenue was up 36.1% on a year-over-year basis.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. Cowen initiated coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, TD Cowen started coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $2.68.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in the business. Sterling Investment Counsel LLC bought a new position in shares of Lucid Group in the first quarter worth $25,000. HB Wealth Management LLC purchased a new position in Lucid Group during the first quarter valued at $25,000. Grimes & Company Inc. purchased a new position in Lucid Group during the first quarter valued at $27,000. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group in the fourth quarter worth approximately $28,000. Finally, Accredited Investors Inc. purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $30,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Price Performance

The stock has a market capitalization of $7.61 billion, a P/E ratio of -1.87 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business's 50 day moving average price is $2.36 and its 200 day moving average price is $2.55.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.