Lucid Group (NASDAQ:LCID) Shares Down 3% - Here's What Happened

Key Points

• Lucid Group's shares fell by 3% during mid-day trading on Monday, reaching a low of $23.91, with trading volume declining to approximately 7.43 million shares.
• Analysts have mixed opinions on the stock, with Cantor Fitzgerald raising the price target to $26 while Weiss Ratings maintained a "sell" rating, indicating uncertainty in the stock's future performance.
• Lucid Group reported a revenue of $259.43 million for the last quarter, which was below analysts' expectations, alongside a negative earnings per share of ($2.80).

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 3% during mid-day trading on Monday . The company traded as low as $23.91 and last traded at $24.02. Approximately 7,432,694 shares traded hands during trading, a decline of 36% from the average daily volume of 11,605,205 shares. The stock had previously closed at $24.77.

Analyst Ratings Changes

Several analysts recently commented on LCID shares. Cantor Fitzgerald upped their target price on Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, September 24th. Morgan Stanley upped their price objective on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lucid Group in a research report on Saturday, September 27th. Finally, Stifel Nicolaus set a $2.10 target price on shares of Lucid Group in a report on Friday, August 29th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $23.85.

Lucid Group Price Performance

The stock has a market capitalization of $7.38 billion, a P/E ratio of -2.09 and a beta of 0.81. The business has a fifty day simple moving average of $21.76 and a 200 day simple moving average of $23.34. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing analysts' consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. During the same quarter in the prior year, the business earned ($2.90) EPS. The firm's revenue for the quarter was up 29.3% compared to the same quarter last year. On average, analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Lucid Group by 187.3% during the first quarter. GAMMA Investing LLC now owns 34,078 shares of the company's stock worth $82,000 after purchasing an additional 22,218 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Lucid Group by 4.9% during the 1st quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock worth $1,972,000 after buying an additional 38,113 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Lucid Group by 257.0% in the 1st quarter. Wedmont Private Capital now owns 47,611 shares of the company's stock worth $119,000 after buying an additional 34,275 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Lucid Group by 63.4% in the 1st quarter. SG Americas Securities LLC now owns 256,869 shares of the company's stock worth $622,000 after buying an additional 99,709 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Lucid Group by 29.3% in the first quarter. Handelsbanken Fonder AB now owns 342,600 shares of the company's stock valued at $829,000 after acquiring an additional 77,700 shares in the last quarter. Hedge funds and other 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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