Lucid Group (NASDAQ:LCID) Stock Price Down 3.9% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 3.9% during trading on Friday . The company traded as low as $2.28 and last traded at $2.32. Approximately 90,201,222 shares were traded during trading, a decline of 12% from the average daily volume of 101,979,570 shares. The stock had previously closed at $2.41.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus decreased their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. 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 report on Monday, April 21st. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Finally, TD Cowen started coverage on Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Down 1.3%

The firm has a fifty day moving average of $2.49 and a 200 day moving average of $2.59. The firm has a market capitalization of $6.71 billion, a PE ratio of -1.64 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its 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). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. During the same quarter last year, the company posted ($0.27) earnings per share. Lucid Group's revenue for the quarter was up 36.1% compared to the same quarter last year. Equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in shares of Lucid Group during the 4th quarter valued at approximately $780,000. XTX Topco Ltd increased its position in shares of Lucid Group by 395.7% in the 4th quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock worth $2,564,000 after purchasing an additional 677,846 shares during the last quarter. Norges Bank acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $9,446,000. Renaissance Technologies LLC lifted its position in shares of Lucid Group by 342.7% during the fourth 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 last quarter. Finally, Two Sigma Investments LP grew its stake in Lucid Group by 4,320.7% in the fourth 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 in 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.