Lucid Group (NASDAQ:LCID) Stock Price Down 4.5% - Here's Why

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

Wall Street Analyst Weigh In

LCID has been the topic of several analyst reports. Robert W. Baird increased 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. Morgan Stanley raised 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. Cowen initiated coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65. The stock's 50 day moving average price is $2.37 and its 200 day moving average price is $2.57. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -1.78 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). The company had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The company's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.27) earnings per share. Analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Investment Fund boosted its holdings in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. raised its position in shares of Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after buying an additional 15,493,320 shares during the period. Renaissance Technologies LLC grew its position in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in Lucid Group during the 4th quarter worth $34,123,000. 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.