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

Key Points

• Lucid Group's shares decreased by 1.9% during trading, closing at $2.87 with an average volume decline of 83% from typical trading levels.
• Analysts have given the stock a consensus rating of "Hold" with a revised price target of $3.00, indicating mixed sentiment in the market.
• The company reported a quarterly loss of ($0.24) EPS, missing expectations, although revenue was up 36.1% year-over-year despite a total of $235.05 million reported, below estimates.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 1.9% during trading on Monday . The company traded as low as $2.86 and last traded at $2.87. Approximately 19,868,054 shares traded hands during trading, a decline of 83% from the average daily volume of 120,033,117 shares. The stock had previously closed at $2.92.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Robert W. Baird upped their target price on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. 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.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Down 5.0%

The stock has a 50 day moving average price of $2.39 and a 200-day moving average price of $2.51. The stock has a market capitalization of $8.46 billion, a P/E ratio of -2.29 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). The company 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 275.73% and a negative return on equity of 68.64%. The firm's quarterly revenue was up 36.1% compared to the same quarter last year. During the same period last year, the business posted ($0.27) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in Lucid Group by 4.5% in the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock worth $7,480,000 after buying an additional 132,497 shares during the period. Raymond James Financial Inc. purchased a new stake in Lucid Group in the fourth quarter worth about $780,000. XTX Topco Ltd lifted its holdings 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 buying an additional 677,846 shares during the period. Norges Bank purchased a new stake in Lucid Group in the fourth quarter worth about $9,446,000. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Lucid Group by 119.5% during the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock valued at $1,289,000 after purchasing an additional 289,880 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.

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