Lucid Group (NASDAQ:LCID) Trading Down 3.7% - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 3.7% on Thursday . The stock traded as low as $2.95 and last traded at $2.97. Approximately 35,119,591 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 120,599,859 shares. The stock had previously closed at $3.08.

Wall Street Analyst Weigh In

LCID has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. Robert W. Baird increased their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Two equities research 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 MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Price Performance

The stock has a fifty day moving average price of $2.39 and a 200-day moving average price of $2.52. The firm has a market capitalization of $8.86 billion, a PE ratio of -2.39 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results 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). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The company had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. During the same quarter in the prior year, the business posted ($0.27) earnings per share. The company's revenue was up 36.1% compared to the same quarter last year. Sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Large investors have recently added to or reduced their stakes in the company. Public Investment Fund boosted its stake in shares of Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. raised its holdings in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after purchasing an additional 615,108 shares during the period. Geode Capital Management LLC raised its holdings in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC raised its holdings in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP raised its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. 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.