Lucid Group (NASDAQ:LCID) Trading Down 2.1% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 2.1% during mid-day trading on Wednesday . The stock traded as low as $2.26 and last traded at $2.28. Approximately 21,256,959 shares traded hands during trading, a decline of 75% from the average daily volume of 85,329,117 shares. The stock had previously closed at $2.33.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LCID. Robert W. Baird upped their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Two 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Price Performance

The stock has a market capitalization of $6.99 billion, a P/E ratio of -1.89 and a beta of 0.78. The stock's fifty day moving average is $2.33 and its 200-day moving average is $2.52. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97.

Lucid Group (NASDAQ:LCID - Get Free Report) last released 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). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same quarter last year, the company earned ($0.27) earnings per share. The firm's revenue was up 36.1% on a year-over-year basis. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Lucid Group by 27.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock valued at $44,000 after acquiring an additional 3,882 shares during the period. Sei Investments Co. lifted its stake in shares of Lucid Group by 14.0% in the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company's stock valued at $109,000 after buying an additional 4,431 shares during the period. Voya Investment Management LLC lifted its stake in shares of Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after buying an additional 4,591 shares during the period. Alpine Global Management LLC lifted its stake in shares of Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after buying an additional 4,653 shares during the period. Finally, Shay Capital LLC lifted its stake in shares of Lucid Group by 17.8% in the fourth quarter. Shay Capital LLC now owns 33,693 shares of the company's stock valued at $102,000 after buying an additional 5,100 shares during the period. 75.17% of the stock is currently owned by institutional investors.

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.