Lucid Group (NASDAQ:LCID) Shares Set to Reverse Split on Tuesday, September 2nd

Key Points

• Lucid Group shares will undergo a 1-10 reverse split on September 2nd, with adjustments to shareholder ownership effective after the market closes on August 29th.
• The company reported a loss of $0.28 in its last earnings report, which was below analyst expectations, along with a revenue of $259.43 million compared to estimates of $288.10 million.
• Major hedge funds, including Vanguard Group and Bank of New York Mellon, have increased their positions in Lucid Group, indicating growing institutional interest in the company.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) are scheduled to reverse split on Tuesday, September 2nd. The 1-10 reverse split was announced on Thursday, August 21st. The number of shares owned by shareholders will be adjusted after the market closes on Friday, August 29th.

Lucid Group Trading Down 0.5%

Lucid Group stock traded down $0.01 during trading on Thursday, hitting $2.07. The company's stock had a trading volume of 83,233,379 shares, compared to its average volume of 78,877,656. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of -1.80 and a beta of 0.79. The stock's fifty day moving average is $2.34 and its 200 day moving average is $2.41. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.28. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The business had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business's revenue for the quarter was up 29.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.29) earnings per share. As a group, equities research analysts predict that Lucid Group will post -1.25 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Lucid Group has an average rating of "Hold" and an average price target of $2.68.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Silverlake Wealth Management LLC acquired a new stake in Lucid Group during the second quarter worth about $39,000. B. Riley Wealth Advisors Inc. acquired a new stake in Lucid Group during the second quarter worth about $109,000. Marex Group plc acquired a new stake in Lucid Group during the second quarter worth about $7,613,000. Headlands Technologies LLC purchased a new stake in shares of Lucid Group in the second quarter worth about $669,000. Finally, Corient Private Wealth LLC grew its stake in shares of Lucid Group by 48.1% in the second quarter. Corient Private Wealth LLC now owns 125,811 shares of the company's stock valued at $265,000 after buying an additional 40,873 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.