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

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 0.2% on Wednesday following a dissappointing earnings announcement. The company traded as low as $2.30 and last traded at $2.33. Approximately 38,734,170 shares were traded 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 the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same period last year, the business posted ($0.27) EPS. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on LCID shares. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating for the company. TD Cowen started coverage on Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price on the stock. Benchmark reissued a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Finally, Stifel Nicolaus cut their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Two equities 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. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $2.68.

Hedge Funds Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. grew its position in shares of Lucid Group by 14.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock worth $226,000 after buying an additional 8,074 shares during the last quarter. GAMMA Investing LLC grew its holdings in Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock worth $36,000 after purchasing an additional 5,031 shares during the last quarter. Everence Capital Management Inc. acquired a new position in shares of Lucid Group during the fourth quarter worth $151,000. Fermata Advisors LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at $144,000. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Lucid Group in the 4th quarter worth $33,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Down 1.1 %

The company has a 50-day moving average of $2.35 and a 200-day moving average of $2.55. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of -1.72 and a beta of 0.88.

About Lucid Group

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.

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