Lucid Group (NASDAQ:LCID) Trading Down 2.5% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 2.5% during trading on Monday . The company traded as low as $2.14 and last traded at $2.18. Approximately 77,433,636 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 72,889,807 shares. The stock had previously closed at $2.23.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LCID shares. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Benchmark restated a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Stifel Nicolaus dropped their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Robert W. Baird increased their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Down 0.5%

The firm's fifty day simple moving average is $2.48 and its 200 day simple moving average is $2.59. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market cap of $6.68 billion, a price-to-earnings ratio of -1.63 and a beta of 0.88.

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). The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business's revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.27) EPS. Sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group during the fourth quarter worth approximately $28,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group during the fourth quarter worth about $30,000. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the fourth quarter worth about $31,000. DRW Securities LLC acquired a new position in Lucid Group during the fourth quarter worth approximately $31,000. Finally, HB Wealth Management LLC acquired a new position in shares of Lucid Group in the 1st quarter valued at $25,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.