Lucid Group (NASDAQ:LCID) Stock Price Down 3.7% - Here's Why

Key Points

• Lucid Group's stock price dropped 3.7% to $21.69, with trading volume decreasing by 36% compared to the average session volume.
• Analysts have mixed ratings for Lucid Group, with a consensus rating of "Reduce" and an average price target of $23.85, and two analysts issuing a Buy rating.
• For the last quarter, Lucid reported a loss of ($2.80) per share, missing estimates, with revenue of $259.43 million, which was below expectations of $288.10 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 3.7% during mid-day trading on Thursday . The stock traded as low as $21.26 and last traded at $21.69. 7,418,905 shares changed hands during trading, a decline of 36% from the average session volume of 11,586,635 shares. The stock had previously closed at $22.52.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Lucid Group in a research report on Wednesday. Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research report on Friday, August 29th. Morgan Stanley raised their price objective on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Finally, Cantor Fitzgerald raised their price objective on shares of Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, Lucid Group has a consensus rating of "Reduce" and an average price target of $23.85.

Lucid Group Trading Down 3.7%

The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of -1.89 and a beta of 0.81. The business's 50-day simple moving average is $21.51 and its two-hundred day simple moving average is $23.31. 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 announced its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing analysts' consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. During the same quarter in the prior year, the business earned ($2.90) earnings per share. Lucid Group's revenue was up 29.3% on a year-over-year basis. Equities analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in shares of Lucid Group by 4.5% in the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock valued at $7,480,000 after purchasing an additional 132,497 shares in the last quarter. Swiss National Bank grew its holdings in shares of Lucid Group by 26.9% in the first quarter. Swiss National Bank now owns 2,334,000 shares of the company's stock valued at $5,648,000 after purchasing an additional 495,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Lucid Group by 0.6% in 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. Vontobel Holding Ltd. grew its holdings in shares of Lucid Group by 119.5% in the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock valued at $1,289,000 after purchasing an additional 289,880 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its holdings in shares of Lucid Group by 58.7% in the first quarter. Wealthfront Advisers LLC now owns 233,286 shares of the company's stock valued at $565,000 after purchasing an additional 86,255 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.