Lucid Group (NASDAQ:LCID) Trading Down 6% - What's Next?

Key Points

• Lucid Group's stock price fell 6% during mid-day trading, reaching a low of $18.23, significantly below its previous close of $19.69.
• Analysts have varying outlooks on Lucid's stock, with Cantor Fitzgerald raising their price target to $26.00 and Weiss Ratings reiterating a "sell" rating, reflecting mixed sentiments in the market.
• The company reported a significant loss of ($2.80) earnings per share for its last quarter, missing estimates and demonstrating a negative net margin of 259.57% and a revenue of $259.43 million against forecasts of $288.10 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 6% during mid-day trading on Wednesday . The stock traded as low as $18.23 and last traded at $18.50. Approximately 8,750,968 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 11,378,830 shares. The stock had previously closed at $19.69.

Analyst Ratings Changes

A number of equities analysts have issued reports on LCID shares. Cantor Fitzgerald raised their price objective on shares of Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Morgan Stanley lifted their target price on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 target price on Lucid Group in a report on Friday, August 29th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $24.24.

Lucid Group Stock Down 6.0%

The stock has a market cap of $5.68 billion, a P/E ratio of -1.61 and a beta of 0.81. The firm has a 50 day simple moving average of $21.15 and a 200-day simple moving average of $23.12. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. During the same period in the prior year, the company earned ($2.90) earnings per share. The firm's revenue was up 29.3% compared to the same quarter last year. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Vanguard Group Inc. lifted its position in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after acquiring an additional 615,108 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company's stock worth $47,784,000 after buying an additional 1,554,419 shares during the last quarter. Marshall Wace LLP grew its position in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock valued at $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Lucid Group in the second quarter worth approximately $16,469,000. 75.17% of the stock is owned by institutional investors.

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.

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