Lucid Group (NASDAQ:LCID) Stock Price 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.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 2.4% during mid-day trading on Thursday . The company traded as low as $2.27 and last traded at $2.29. Approximately 15,781,639 shares changed 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.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LCID. Robert W. Baird boosted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Two investment 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's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Down 4.1%

The firm's 50-day moving average price is $2.35 and its 200-day moving average price is $2.47. The company has a market cap of $6.85 billion, a P/E ratio of -1.95 and a beta of 0.79. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.06). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%. The company had revenue of $259.43 million during the quarter, compared to analysts' expectations of $288.10 million. During the same period in the prior year, the firm earned ($0.29) EPS. Lucid Group's quarterly revenue was up 29.3% on a year-over-year basis. As a group, equities research analysts expect 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 hedge funds and other institutional investors have recently bought and sold shares of LCID. Sei Investments Co. boosted its position in Lucid Group by 73.6% during the 2nd quarter. Sei Investments Co. now owns 82,510 shares of the company's stock valued at $174,000 after buying an additional 34,970 shares during the period. California Public Employees Retirement System boosted its position in Lucid Group by 26.8% during the 2nd quarter. California Public Employees Retirement System now owns 1,773,188 shares of the company's stock valued at $3,741,000 after buying an additional 374,746 shares during the period. Jump Financial LLC purchased a new stake in Lucid Group during the 2nd quarter valued at $41,000. Victory Financial Group LLC purchased a new stake in Lucid Group during the 2nd quarter valued at $46,000. Finally, Brown Advisory Inc. boosted its position in Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock valued at $33,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 75.17% of the company's stock.

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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