Lucid Group (NASDAQ:LCID) Shares Down 1.1% - What's Next?

Key Points

• Lucid Group's shares fell by 1.1% to close at $21.67, with trading volume down 51% from the average session.
• Analyst ratings show a mix, with Cantor Fitzgerald raising their target price to $26.00 while Weiss Ratings remains bearish with a "sell (d-)" rating.
• Lucid reported a loss of $2.80 per share in its last earnings report, missing estimates and reflecting a significant negative net margin of 259.57%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 1.1% during mid-day trading on Wednesday . The company traded as low as $21.27 and last traded at $21.67. 5,602,005 shares traded hands during trading, a decline of 51% from the average session volume of 11,487,867 shares. The stock had previously closed at $21.92.

Analyst Ratings Changes

LCID has been the topic of a number of recent analyst reports. Cantor Fitzgerald boosted their target price on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, September 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a research report on Wednesday, October 8th. Morgan Stanley increased their target price on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Finally, Stifel Nicolaus set a $2.10 price target on Lucid Group in a research note on Friday, August 29th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $23.85.

Lucid Group Stock Performance

The firm has a market capitalization of $6.66 billion, a P/E ratio of -1.88 and a beta of 0.81. The company's 50 day moving average is $21.34 and its 200-day moving average is $23.25. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The firm's revenue was up 29.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($2.90) earnings per share. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in LCID. Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group during the third quarter valued at about $238,000. HB Wealth Management LLC purchased a new stake in Lucid Group during the first quarter worth about $25,000. Sterling Investment Counsel LLC purchased a new stake in Lucid Group during the first quarter worth about $25,000. Grimes & Company Inc. purchased a new stake in Lucid Group during the first quarter worth about $27,000. Finally, Integrity Alliance LLC. purchased a new stake in Lucid Group during the first quarter worth about $27,000. 75.17% of the stock is owned by institutional investors.

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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