Lucid Group (NASDAQ:LCID) Shares Down 8.5% Following Weak Earnings

Key Points

• Lucid Group's shares fell 8.5% following the announcement of weaker quarterly earnings, trading as low as $2.16.
• The company's earnings per share were reported at ($0.24), missing analysts' expectations, and revenue of $259.43 million also fell short of forecasts.
• Research analysts provided a mixed outlook, with price targets ranging from $2.00 to $3.00 and an average rating of "Hold" for the stock.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 8.5% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.16 and last traded at $2.22. Approximately 48,909,526 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 118,793,234 shares. The stock had previously closed at $2.42.

The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.02). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $259.43 million for the quarter, compared to analysts' expectations of $288.10 million. During the same period last year, the business earned ($0.29) earnings per share. The firm's revenue for the quarter was up 29.3% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LCID shares. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Robert W. Baird raised their price target on Lucid Group from $2.00 to $3.00 and gave the company 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 assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of "Hold" and an average target price of $2.68.

Institutional Trading of Lucid Group

A number of large investors have recently bought and sold shares of LCID. BI Asset Management Fondsmaeglerselskab A S raised its position in Lucid Group by 27.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock valued at $44,000 after purchasing an additional 3,882 shares during the last quarter. Sei Investments Co. raised its position in Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company's stock valued at $109,000 after purchasing an additional 4,431 shares during the last quarter. Voya Investment Management LLC increased its holdings in shares of Lucid Group by 4.0% in the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock worth $363,000 after purchasing an additional 4,591 shares in the last quarter. Alpine Global Management LLC increased its holdings in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Lucid Group by 9.3% in the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company's stock worth $117,000 after buying an additional 4,720 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Trading Down 8.5%

The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65. The stock has a 50 day moving average price of $2.36 and a 200-day moving average price of $2.49. The stock has a market capitalization of $6.76 billion, a PE ratio of -1.83 and a beta of 0.79.

Lucid Group Company Profile

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.

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