Lucid Group (NASDAQ:LCID) Sets New 52-Week Low at $2.45

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $2.45 and last traded at $2.45, with a volume of 3288806 shares changing hands. The stock had previously closed at $2.50.

Analyst Upgrades and Downgrades

LCID has been the subject of several research analyst reports. Cantor Fitzgerald cut shares of Lucid Group from a "neutral" rating to an "underweight" rating and cut their target price for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Bank of America cut their target price on shares of Lucid Group from $7.00 to $4.50 and set a "neutral" rating for the company in a research note on Thursday, February 22nd. Morgan Stanley reiterated an "underweight" rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Robert W. Baird dropped their price objective on shares of Lucid Group from $6.00 to $4.00 and set a "neutral" rating for the company in a research note on Thursday, February 22nd. Finally, Stifel Nicolaus dropped their price objective on shares of Lucid Group from $5.00 to $4.00 and set a "hold" rating for the company in a research note on Monday, February 26th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $4.80.

Lucid Group Stock Down 0.4 %

The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of -1.74 and a beta of 1.01. The business's 50-day moving average is $3.07 and its two-hundred day moving average is $3.82. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business's revenue was down 39.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.40) earnings per share. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the business. US Bancorp DE lifted its holdings in shares of Lucid Group by 67.6% during the first quarter. US Bancorp DE now owns 14,017 shares of the company's stock worth $356,000 after buying an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Lucid Group by 16.3% during the first quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company's stock worth $482,000 after buying an additional 2,661 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Lucid Group during the first quarter worth $383,000. BlackRock Inc. lifted its holdings in shares of Lucid Group by 23.7% during the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company's stock worth $396,842,000 after buying an additional 2,990,659 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Lucid Group during the first quarter worth $400,000. 75.17% of the stock is owned by institutional investors.

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.