Lucid Group (NASDAQ:LCID) Stock Price Down 7.1% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 7.1% during trading on Monday . The company traded as low as $2.81 and last traded at $2.83. Approximately 93,896,115 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 90,501,336 shares. The stock had previously closed at $3.04.

Analysts Set New Price Targets

Several equities analysts recently commented on LCID shares. Robert W. Baird upped 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. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The stock has a 50-day simple moving average of $2.36 and a 200 day simple moving average of $2.52. The company has a market cap of $8.60 billion, a P/E ratio of -2.33 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same quarter in the previous year, the firm earned ($0.27) EPS. The company's revenue was up 36.1% compared to the same quarter last year. On average, equities analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Investment Fund lifted its position in Lucid Group by 28.8% during the fourth 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 during the period. Vanguard Group Inc. boosted its stake in shares of Lucid Group by 0.6% in the 1st 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. Geode Capital Management LLC increased its holdings in shares of 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 buying an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. 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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