Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 1.2% during trading on Thursday . The company traded as low as $2.03 and last traded at $2.06. Approximately 20,428,800 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 114,661,500 shares. The stock had previously closed at $2.08.
Wall Street Analysts Forecast Growth
Separately, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.68.
View Our Latest Report on LCID
Lucid Group Stock Down 0.2%
The firm has a market capitalization of $6.38 billion, a PE ratio of -1.81 and a beta of 0.79. The firm's 50-day moving average is $2.34 and its 200 day moving average is $2.42. 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 shares are set to reverse split before the market opens on Tuesday, September 2nd. The 1-10 reverse split was announced on Thursday, August 21st. The number of shares owned by shareholders will be adjusted after the market closes on Friday, August 29th.
Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The company had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The company's revenue for the quarter was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.29) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Lucid Group
Several institutional investors have recently bought and sold shares of LCID. Sterling Investment Counsel LLC purchased a new position in Lucid Group in the 1st quarter worth approximately $25,000. HB Wealth Management LLC bought a new position in Lucid Group during the first quarter worth $25,000. Cigna Investments Inc. New bought a new position in shares of Lucid Group in the 2nd quarter worth about $25,000. Tyche Wealth Partners LLC bought a new stake in shares of Lucid Group during the 2nd quarter valued at about $26,000. Finally, Grimes & Company Inc. bought a new position in Lucid Group in the 1st quarter worth approximately $27,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.
Lucid Group Company Profile
(
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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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