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

Lucid Group logo with Auto/Tires/Trucks background

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded down 2.5% on Friday . The company traded as low as $2.14 and last traded at $2.15. 59,558,025 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 81,077,681 shares. The stock had previously closed at $2.20.

Analyst Ratings Changes

LCID has been the subject of a number of analyst reports. Benchmark restated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target for the company. Cowen assumed coverage on Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Robert W. Baird boosted their target price on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $2.68.

Read Our Latest Research Report on LCID

Lucid Group Stock Down 0.5%

The stock's fifty day moving average price is $2.39 and its 200-day moving average price is $2.58. The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of -1.74 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. The firm's quarterly revenue was up 36.1% on a year-over-year basis. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Public Investment Fund raised its stake in shares of 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 purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its holdings in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after buying an additional 615,108 shares during the last quarter. Geode Capital Management LLC raised its position in Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after acquiring an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP grew its position in shares of Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

(Get Free Report)

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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