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

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

Analyst Ratings Changes

A number of brokerages have issued reports on LCID. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Benchmark restated a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price target on the stock. Finally, Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company's 50-day moving average is $2.45 and its two-hundred day moving average is $2.59. The company has a market capitalization of $6.41 billion, a P/E ratio of -1.57 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 analysts' consensus estimates of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm's revenue was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.27) earnings per share. Equities analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. purchased a new stake in shares of Lucid Group during the fourth quarter valued at approximately $780,000. XTX Topco Ltd lifted its stake in Lucid Group by 395.7% in the fourth quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock worth $2,564,000 after acquiring an additional 677,846 shares during the period. Norges Bank purchased a new stake in Lucid Group in the fourth quarter worth $9,446,000. Renaissance Technologies LLC lifted its stake in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP lifted its stake in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after acquiring an additional 15,493,320 shares during the period. Hedge funds and other institutional investors own 75.17% of the company's stock.

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.