Lucid Group (NASDAQ:LCID) Trading Down 3.6% - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were down 3.6% during trading on Friday . The stock traded as low as $2.52 and last traded at $2.57. Approximately 39,776,741 shares traded hands during trading, a decline of 43% from the average daily volume of 69,822,578 shares. The stock had previously closed at $2.66.

Wall Street Analyst Weigh In

Several research analysts have commented on LCID shares. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Benchmark reaffirmed a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a research note on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Lucid Group presently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Trading Up 3.1%

The firm has a market cap of $8.05 billion, a P/E ratio of -1.97 and a beta of 0.88. The firm's fifty day moving average is $2.48 and its two-hundred day moving average is $2.58. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its 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 business's quarterly revenue was up 36.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.27) EPS. Analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of LCID. Nisa Investment Advisors LLC raised its position in Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after buying an additional 249,500 shares during the last quarter. SG Americas Securities LLC raised its position in Lucid Group by 3.4% in the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company's stock worth $475,000 after buying an additional 5,121 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Lucid Group by 55.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 19,849 shares of the company's stock worth $60,000 after buying an additional 7,080 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Lucid Group in the 4th quarter worth about $34,000. Finally, KBC Group NV raised its position in Lucid Group by 113.0% in the 4th quarter. KBC Group NV now owns 58,391 shares of the company's stock worth $176,000 after buying an additional 30,976 shares during the last quarter. 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.