Lucid Group (NASDAQ:LCID) Shares Gap Down to $2.38

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.38, but opened at $2.31. Lucid Group shares last traded at $2.40, with a volume of 4,209,419 shares.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LCID. Citigroup reaffirmed a "neutral" rating and set a $2.90 price target on shares of Lucid Group in a research note on Monday. Stifel Nicolaus decreased their price target on shares of Lucid Group from $5.00 to $4.00 and set a "hold" rating on the stock in a research report on Monday, February 26th. Robert W. Baird cut their price objective on Lucid Group from $6.00 to $4.00 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Bank of America decreased their target price on Lucid Group from $7.00 to $4.50 and set a "neutral" rating on the stock in a report on Thursday, February 22nd. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $4.34.

Lucid Group Stock Up 5.9 %

The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of -1.81 and a beta of 1.01. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average of $2.93 and a two-hundred day moving average of $3.66.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Arizona State Retirement System lifted its holdings in shares of Lucid Group by 1.0% during the 3rd quarter. Arizona State Retirement System now owns 248,101 shares of the company's stock valued at $1,387,000 after buying an additional 2,449 shares during the last quarter. M&T Bank Corp lifted its stake in Lucid Group by 12.8% in the third quarter. M&T Bank Corp now owns 26,770 shares of the company's stock valued at $150,000 after acquiring an additional 3,046 shares during the last quarter. Principal Financial Group Inc. grew its position in Lucid Group by 5.5% in the third quarter. Principal Financial Group Inc. now owns 58,547 shares of the company's stock worth $327,000 after acquiring an additional 3,055 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Lucid Group by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company's stock worth $1,391,000 after purchasing an additional 3,230 shares during the last quarter. Finally, FAS Wealth Partners Inc. lifted its stake in shares of Lucid Group by 33.4% in the 3rd quarter. FAS Wealth Partners Inc. now owns 13,620 shares of the company's stock valued at $76,000 after purchasing an additional 3,410 shares during the last quarter. Hedge funds and other institutional investors 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.