Lucid Group (NASDAQ:LCID) Trading Down 1.6% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 1.6% during trading on Friday . The stock traded as low as $2.18 and last traded at $2.19. Approximately 30,662,824 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 78,638,848 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

LCID has been the subject of several recent research reports. TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective for the company. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Benchmark reiterated a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Robert W. Baird lifted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Down 1.6%

The firm has a market cap of $6.66 billion, a PE ratio of -1.81 and a beta of 0.81. 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 firm's 50-day moving average price is $2.42 and its two-hundred day moving average price is $2.59.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The company had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm's quarterly revenue was up 36.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.27) EPS. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Sterling Investment Counsel LLC purchased a new stake in Lucid Group in the 1st quarter valued at $25,000. HB Wealth Management LLC purchased a new stake in Lucid Group in the 1st quarter valued at $25,000. Grimes & Company Inc. purchased a new position in Lucid Group during the 1st quarter worth $27,000. Integrity Alliance LLC. purchased a new position in Lucid Group during the 1st quarter worth $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after buying an additional 6,295 shares during the last quarter. Hedge funds and other 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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