Lucid Group (NASDAQ:LCID) Stock Price Down 4.7% - Here's What Happened

Key Points

• Lucid Group's stock price fell by 4.7% on Friday, with a last trading price of $18.96 after reaching a low of $19.07 during the day.
• Analysts have mixed feelings about LCID; while Cantor Fitzgerald upgraded the price target to $20.00, others like Stifel Nicolaus set a much lower target of $2.10, resulting in an average rating of "Hold".
• The company recently reported quarterly earnings with an EPS of ($2.80), missing estimates and reflecting a negative net margin of 259.57%, despite seeing a 29.3% revenue increase year-over-year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 4.7% on Friday . The stock traded as low as $19.07 and last traded at $18.96. Approximately 2,765,016 shares were traded during trading, a decline of 77% from the average daily volume of 11,768,439 shares. The stock had previously closed at $19.90.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LCID shares. Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a report on Friday, August 29th. Cantor Fitzgerald increased their target price on shares of Lucid Group to $20.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Finally, Morgan Stanley increased their target price on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $23.31.

Lucid Group Stock Performance

The company's fifty day moving average price is $22.79 and its 200 day moving average price is $23.22. The company has a market cap of $6.06 billion, a PE ratio of -1.71 and a beta of 0.78. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The company had revenue of $259.43 million for the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. Lucid Group's quarterly revenue was up 29.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($2.90) EPS. On average, equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Sterling Investment Counsel LLC bought a new position in Lucid Group during the first quarter valued at about $25,000. HB Wealth Management LLC bought a new position in Lucid Group during the first quarter worth about $25,000. Cigna Investments Inc. New bought a new position in Lucid Group during the second quarter worth about $25,000. Valeo Financial Advisors LLC boosted its position in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock worth $25,000 after purchasing an additional 1,055 shares during the period. Finally, Tyche Wealth Partners LLC bought a new position in Lucid Group during the second quarter worth about $26,000. 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.