Lucid Group (NASDAQ:LCID) Stock Price Down 5.1% - Here's Why

Key Points

• Lucid Group's stock price decreased by 5.1% to $2.34, with trading volume significantly down by 71% compared to its average session.
• Analysts currently have an average rating of “Hold” on Lucid Group, with a consensus target price of $2.68 amid mixed ratings from multiple brokerages.
• The company's recent earnings report showed a loss of ($0.24) EPS and revenue of $235.05 million, falling short of analyst expectations.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 5.1% during trading on Friday . The stock traded as low as $2.32 and last traded at $2.34. 34,961,046 shares changed hands during trading, a decline of 71% from the average session volume of 119,377,578 shares. The stock had previously closed at $2.46.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LCID. Robert W. Baird upped their price target on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Lucid Group currently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Trading Down 3.5%

The business's 50-day moving average price is $2.37 and its two-hundred day moving average price is $2.51. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of -1.97 and a beta of 0.78.

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 the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The company had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same period last year, the company posted ($0.27) EPS. The business's revenue for the quarter was up 36.1% on a year-over-year basis. Equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Investment Counsel LLC acquired a new stake in shares of Lucid Group during the first quarter worth approximately $25,000. HB Wealth Management LLC bought a new position in Lucid Group during the first quarter worth $25,000. Cigna Investments Inc. New bought a new position in Lucid Group during the second quarter worth $25,000. Tyche Wealth Partners LLC acquired a new stake in Lucid Group during the second quarter worth $26,000. Finally, Grimes & Company Inc. acquired a new stake in Lucid Group during the first quarter worth $27,000. 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.

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