Lucid Group (NASDAQ:LCID) Trading Down 3.1% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares dropped 3.1% on Thursday . The company traded as low as $2.64 and last traded at $2.69. Approximately 41,789,499 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 69,446,960 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on LCID shares. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for the company. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 price objective for the company. Stifel Nicolaus decreased their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Finally, Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. 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. According to data from MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Performance

The firm has a fifty day simple moving average of $2.46 and a 200-day simple moving average of $2.57. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of -2.00 and a beta of 0.88. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. 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 company posted ($0.27) earnings per share. Analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of LCID. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Lucid Group by 27.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock valued at $44,000 after purchasing an additional 3,882 shares during the last quarter. Sei Investments Co. raised its holdings in Lucid Group by 14.0% in the fourth 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 boosted its position in shares of Lucid Group by 4.0% during the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock worth $363,000 after purchasing an additional 4,591 shares in the last quarter. Alpine Global Management LLC grew its holdings in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after buying an additional 4,653 shares during the period. Finally, Arizona State Retirement System grew its holdings in shares of Lucid Group by 1.9% in the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock valued at $818,000 after buying an additional 5,022 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.