Lucid Group (NASDAQ:LCID) Trading Down 2.4% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 2.4% on Thursday . The stock traded as low as $2.68 and last traded at $2.70. Approximately 30,529,865 shares traded hands during trading, a decline of 54% from the average daily volume of 67,087,262 shares. The stock had previously closed at $2.76.

Analysts Set New Price Targets

LCID has been the subject of several analyst reports. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Robert W. Baird lifted 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. Finally, Stifel Nicolaus dropped their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

The stock has a 50-day moving average of $2.39 and a 200 day moving average of $2.55. The stock has a market cap of $8.06 billion, a PE ratio of -1.99 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same period last year, the firm earned ($0.27) earnings per share. Lucid Group's revenue for the quarter was up 36.1% on a year-over-year basis. Equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BI Asset Management Fondsmaeglerselskab A S raised its holdings in Lucid Group by 27.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock valued at $44,000 after buying an additional 3,882 shares during the period. Sei Investments Co. boosted its position in shares of Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company's stock worth $109,000 after purchasing an additional 4,431 shares during the period. Voya Investment Management LLC raised its position in Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after purchasing an additional 4,591 shares during the period. Alpine Global Management LLC lifted its stake in Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Lucid Group by 1.9% during the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock worth $818,000 after buying an additional 5,022 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

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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