Lucid Group (NASDAQ:LCID) Shares Down 7.6% - What's Next?

Key Points

• Lucid Group shares fell 7.6% to $5.09 amid mid-day trading, with approximately 10.2 million shares changing hands.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating and a $9.22 target price, with one Buy, eight Hold, and three Sell ratings.
• Lucid’s latest quarter showed revenue rising 56.2% year over year to $405.35 million, but its $2.78 loss per share missed estimates and the company continues to report sharply negative profitability metrics.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 7.6% on Monday . The company traded as low as $5.08 and last traded at $5.09. Approximately 10,181,239 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 13,768,131 shares. The stock had previously closed at $5.51.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LCID shares. Evercore set a $6.00 target price on Lucid Group in a research note on Monday, May 11th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Morgan Stanley set a $5.00 price target on shares of Lucid Group in a research note on Wednesday, May 6th. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Finally, William Blair lowered shares of Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $9.22.

Lucid Group Stock Down 7.6%

The firm has a market cap of $2.01 billion, a PE ratio of -0.37 and a beta of 0.83. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The business has a 50-day moving average price of $6.28 and a two-hundred day moving average price of $7.54.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company had revenue of $405.35 million during the quarter, compared to analysts' expectations of $381.59 million. During the same quarter last year, the business posted ($0.24) earnings per share. The company's revenue for the quarter was up 56.2% on a year-over-year basis. On average, equities research analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Jain Global LLC lifted its stake in shares of Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company's stock worth $108,000 after purchasing an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Lucid Group by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company's stock worth $393,000 after acquiring an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in shares of Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company's stock valued at $144,000 after purchasing an additional 1,430 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company's stock worth $190,000 after purchasing an additional 1,569 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Lucid Group by 16.0% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company's stock worth $123,000 after purchasing an additional 1,604 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 is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

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