Lucid Group (NASDAQ:LCID) Shares Down 1.9% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 1.9% during mid-day trading on Friday . The company traded as low as $2.28 and last traded at $2.29. Approximately 23,613,427 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 85,564,846 shares. The stock had previously closed at $2.33.

Analysts Set New Price Targets

A number of research firms have weighed in on LCID. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Robert W. Baird increased their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a research report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

The business's 50 day simple moving average is $2.34 and its two-hundred day simple moving average is $2.55. The firm has a market capitalization of $7.00 billion, a PE ratio of -1.90 and a beta of 0.78. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The company's revenue was up 36.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) EPS. Research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Lucid Group by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company's stock worth $8,935,000 after acquiring an additional 85,370 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth $31,000. Charles Schwab Investment Management Inc. raised its position in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock valued at $19,919,000 after purchasing an additional 1,499,034 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Lucid Group by 31.6% during the 4th quarter. Victory Capital Management Inc. now owns 144,451 shares of the company's stock valued at $436,000 after buying an additional 34,705 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Lucid Group by 1.9% during the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock valued at $818,000 after buying an additional 5,022 shares in the last quarter. 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.

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