Lucid Group (NASDAQ:LCID) Trading Down 1.2% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 1.2% during mid-day trading on Friday . The stock traded as low as $2.12 and last traded at $2.14. Approximately 41,851,402 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 77,053,879 shares. The stock had previously closed at $2.16.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research analyst reports. TD Cowen began coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 price objective on the stock. Benchmark restated a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Robert W. Baird upped their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. 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. Finally, Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Price Performance

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's fifty day moving average is $2.45 and its two-hundred day moving average is $2.59. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of -1.60 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business's quarterly revenue was up 36.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.27) EPS. As a group, research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of the business. Yousif Capital Management LLC purchased a new stake in shares of Lucid Group during the 4th quarter worth $32,000. Empowered Funds LLC acquired a new position in Lucid Group in the fourth quarter valued at $301,000. Van ECK Associates Corp increased its stake in Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock valued at $3,764,000 after purchasing an additional 633,410 shares during the period. Vontobel Holding Ltd. increased its stake in Lucid Group by 87.9% in the fourth quarter. Vontobel Holding Ltd. now owns 242,579 shares of the company's stock valued at $733,000 after purchasing an additional 113,477 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in Lucid Group by 114.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company's stock valued at $3,019,000 after purchasing an additional 533,973 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.

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.