Lucid Group (NASDAQ:LCID) Trading Down 3.6% After Analyst Downgrade

Key Points

• Lucid Group's stock dropped 3.6% after Stifel Nicolaus lowered its price target from $3.00 to $2.10, maintaining a hold rating.
• The company's quarterly earnings showed a loss of $0.28 per share, missing analyst estimates, despite a 29.3% year-over-year revenue increase.
• Lucid Group will undergo a 1-for-10 reverse stock split, which is set to take effect on September 2nd.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded down 3.6% during mid-day trading on Friday after Stifel Nicolaus lowered their price target on the stock from $3.00 to $2.10. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $1.99 and last traded at $2.00. 41,122,097 shares were traded during mid-day trading, a decline of 64% from the average session volume of 114,553,992 shares. The stock had previously closed at $2.07.

Separately, Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.59.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Silverlake Wealth Management LLC acquired a new position in Lucid Group in the second quarter valued at $39,000. B. Riley Wealth Advisors Inc. acquired a new position in Lucid Group in the second quarter valued at $109,000. Marex Group plc acquired a new position in Lucid Group in the second quarter valued at $7,613,000. Headlands Technologies LLC acquired a new position in shares of Lucid Group during the second quarter valued at about $669,000. Finally, Corient Private Wealth LLC raised its holdings in shares of Lucid Group by 48.1% during the second quarter. Corient Private Wealth LLC now owns 125,811 shares of the company's stock valued at $265,000 after purchasing an additional 40,873 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Stock Down 3.6%

The firm's fifty day moving average price is $2.34 and its two-hundred day moving average price is $2.41. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -1.73 and a beta of 0.79. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11.

Lucid Group's stock is going to reverse split on the morning of Tuesday, September 2nd. The 1-10 reverse split was announced on Thursday, August 21st. The number of shares owned by shareholders will be adjusted after the market closes on Friday, August 29th.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The company had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. Lucid Group's revenue for the quarter was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) EPS. Sell-side analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

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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