Lucid Group (NASDAQ:LCID) Stock Price Down 2.5% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 2.5% on Thursday . The company traded as low as $2.54 and last traded at $2.57. 58,734,332 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 70,663,365 shares. The stock had previously closed at $2.63.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on LCID shares. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. TD Cowen began coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Stifel Nicolaus dropped their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Finally, Robert W. Baird increased their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two 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, the stock has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company's 50 day moving average is $2.49 and its 200 day moving average is $2.58. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -1.80 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business's quarterly revenue was up 36.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.27) earnings per share. Research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new position in Lucid Group during the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC acquired a new position in Lucid Group during the fourth quarter valued at approximately $31,000. DRW Securities LLC acquired a new position in Lucid Group during the fourth quarter valued at approximately $31,000. Finally, HB Wealth Management LLC acquired a new position in Lucid Group during the first quarter valued at approximately $25,000. 75.17% of the stock is currently 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.

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