Lucid Group (NASDAQ:LCID) Trading Down 2.4% - Here's What Happened

Key Points

• Lucid Group's stock price fell 2.4% to $2.29 during mid-day trading, with trading volume down 87% from the average daily volume.
• Analysts have mixed views on Lucid Group, with a consensus rating of "Hold" and a consensus price target of $2.68.
• The company's recent earnings report showed a loss of ($0.28) EPS, missing the consensus estimate, despite a 29.3% year-over-year revenue increase.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were down 2.4% during trading on Thursday . The company traded as low as $2.27 and last traded at $2.29. Approximately 15,781,639 shares traded hands during trading, a decline of 87% from the average daily volume of 117,400,047 shares. The stock had previously closed at $2.34.

Analysts Set New Price Targets

LCID has been the topic of a number of recent research reports. Robert W. Baird upped their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lucid Group presently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The firm has a 50-day moving average of $2.35 and a 200-day moving average of $2.46. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The firm has a market capitalization of $6.70 billion, a P/E ratio of -1.90 and a beta of 0.79.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company's quarterly revenue was up 29.3% on a year-over-year basis. During the same period last year, the business earned ($0.29) earnings per share. As a group, analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Public Investment Fund increased its holdings in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Lucid Group by 7.4% during the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company's stock valued at $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Two Sigma Investments LP increased its holdings in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock worth $26,697,000 after buying an additional 12,146,136 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other 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.