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

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 price target for the company. Bank of America cut 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. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lucid Group has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Down 7.9%

The stock's fifty day simple moving average is $2.49 and its 200-day simple moving average is $2.58. The firm has a market cap of $6.77 billion, a PE ratio of -1.66 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted 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). The company had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company's quarterly revenue was up 36.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.27) EPS. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LCID. Public Investment Fund raised its holdings in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its position in Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after buying an additional 26,172,852 shares during the period. Two Sigma Investments LP grew its position in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after buying an additional 15,493,320 shares during the period. Renaissance Technologies LLC grew its position in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after buying an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP acquired a new stake in Lucid Group during the fourth quarter valued at $34,123,000. 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.