Lucid Group (NASDAQ:LCID) Shares Down 4.5% - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 4.5% during trading on Tuesday . The company traded as low as $1.98 and last traded at $2.02. Approximately 89,442,845 shares were traded during trading, an increase of 9% from the average daily volume of 82,262,774 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

LCID has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. TD Cowen assumed coverage on Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 price target for the company. Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Robert W. Baird raised their target price 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, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The stock has a 50 day moving average of $2.37 and a two-hundred day moving average of $2.57. The stock has a market cap of $6.57 billion, a PE ratio of -1.78 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) 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 firm had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. During the same quarter last year, the company posted ($0.27) EPS. The firm's revenue was up 36.1% compared to the same quarter last year. Equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Accredited Investors Inc. purchased a new stake in Lucid Group in the 4th quarter worth about $30,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $31,000. DRW Securities LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth approximately $31,000. HB Wealth Management LLC purchased a new position in Lucid Group during the first quarter valued at approximately $25,000. Finally, Sterling Investment Counsel LLC acquired a new position in Lucid Group in the 1st quarter valued at approximately $25,000. 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.