Lucid Group (NASDAQ:LCID) Stock Price Down 1.6% - What's Next?

Key Points

• Lucid Group's stock price fell by 1.6% to $2.10, with a trading volume down 79% from its average, as the company faces ongoing financial challenges.
• Wall Street analysts have issued a neutral rating with an average target price of $2.68, reflecting mixed sentiment among investment analysts.
• Lucid Group reported earnings showing a loss of $0.28 per share, missing estimates and signaling concerns about its financial recovery prospects despite a year-over-year revenue increase of 29.3%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price fell 1.6% during mid-day trading on Wednesday . The stock traded as low as $2.08 and last traded at $2.10. 24,042,942 shares were traded during trading, a decline of 79% from the average session volume of 115,821,156 shares. The stock had previously closed at $2.13.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Lucid Group has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Performance

The company has a market capitalization of $6.41 billion, a price-to-earnings ratio of -1.82 and a beta of 0.79. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The company's fifty day simple moving average is $2.35 and its two-hundred day simple moving average is $2.44.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) earnings per share 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%.Lucid Group's revenue was up 29.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.29) earnings per share. Equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the business. Sterling Investment Counsel LLC bought a new stake in shares of Lucid Group during the 1st quarter valued at about $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group during the 1st quarter valued at about $25,000. Cigna Investments Inc. New bought a new stake in shares of Lucid Group during the 2nd quarter valued at 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 stake in shares of Lucid Group during the 1st quarter valued at about $27,000. Institutional investors 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.