Lucid Group (NASDAQ:LCID) Trading Down 1.2% - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 1.2% on Wednesday . The stock traded as low as $2.13 and last traded at $2.15. Approximately 52,187,268 shares changed hands during trading, a decline of 35% from the average daily volume of 80,093,098 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent research reports. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. Finally, TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The company's 50-day simple moving average is $2.39 and its 200 day simple moving average is $2.58. The company has a market cap of $6.47 billion, a PE ratio of -1.75 and a beta of 0.81. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its 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 net margin of 275.73% and a negative return on equity of 68.64%. The company's revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.27) earnings per share. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Investment Fund grew its stake in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its stake in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP grew its stake in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC grew its stake in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new position in Lucid Group during the 4th quarter worth approximately $34,123,000. 75.17% of the stock is 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.