Lucid Group (NASDAQ:LCID) Shares Down 1% - Here's Why

Key Points

• Lucid Group's shares fell by 1% during midday trading, reaching a low of $19.64 with a trading volume decrease of 44% compared to its average.
• Analysts have mixed views on Lucid Group, with a "sell" rating from Weiss Ratings and upgrades from Morgan Stanley and Cantor Fitzgerald, reflecting a wide range of target prices from $2.10 to $30.00.
• The company reported disappointing quarterly earnings with an EPS of ($2.80), missing estimates and indicating a negative net margin of 259.57%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares dropped 1% during mid-day trading on Tuesday . The stock traded as low as $19.64 and last traded at $19.69. Approximately 6,364,189 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 11,391,867 shares. The stock had previously closed at $19.89.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Morgan Stanley increased their price objective on Lucid Group to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th. Finally, Cantor Fitzgerald upped their target price on Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, September 24th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $24.24.

Lucid Group Stock Performance

The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of -1.71 and a beta of 0.81. The firm's 50 day simple moving average is $21.19 and its 200 day simple moving average is $23.14. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The company had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business's quarterly revenue was up 29.3% compared to the same quarter last year. During the same period last year, the firm earned ($2.90) EPS. Sell-side analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently made changes to their positions in LCID. HB Wealth Management LLC acquired a new stake in Lucid Group during the first quarter valued at $25,000. Cigna Investments Inc. New purchased a new stake in shares of Lucid Group during the 2nd quarter worth about $25,000. Valeo Financial Advisors LLC grew its position in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after acquiring an additional 1,055 shares during the period. Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $26,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Lucid Group in the 1st quarter valued at about $27,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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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