Lucid Group (NASDAQ:LCID) Shares Down 1.6% - What's Next?

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. TD Cowen assumed 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 on the stock. Benchmark reaffirmed a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research report on Wednesday, May 7th. Finally, Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

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 company has a fifty day moving average price of $2.42 and a 200 day moving average price of $2.59. The stock has a market cap of $6.59 billion, a P/E ratio of -1.79 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The business had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same period in the previous year, the business posted ($0.27) EPS. The business's revenue for the quarter 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

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sterling Investment Counsel LLC acquired a new position in Lucid Group during the 1st quarter valued at about $25,000. HB Wealth Management LLC purchased a new stake in shares of Lucid Group in the first quarter worth approximately $25,000. Grimes & Company Inc. bought a new position in shares of Lucid Group in the first quarter valued at approximately $27,000. Integrity Alliance LLC. purchased a new position in shares of Lucid Group during the first quarter valued at approximately $27,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Lucid Group by 111.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock valued at $29,000 after buying an additional 6,295 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.