Lucid Group (NASDAQ:LCID) Trading Down 2.8%

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 2.8% during trading on Monday . The company traded as low as $2.41 and last traded at $2.42. 5,655,744 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 35,548,340 shares. The stock had previously closed at $2.49.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Morgan Stanley reaffirmed an "underweight" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Cantor Fitzgerald lowered Lucid Group from a "neutral" rating to an "underweight" rating and dropped their price target for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Stifel Nicolaus dropped their price target on Lucid Group from $5.00 to $4.00 and set a "hold" rating on the stock in a research note on Monday, February 26th. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a "neutral" rating on the stock in a research note on Thursday, February 22nd. Finally, Bank of America dropped their price target on Lucid Group from $7.00 to $4.50 and set a "neutral" rating on the stock in a research note on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $4.80.

Lucid Group Price Performance

The stock has a market cap of $5.59 billion, a P/E ratio of -1.74 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The business has a 50 day simple moving average of $3.04 and a 200-day simple moving average of $3.76.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. 1832 Asset Management L.P. purchased a new stake in Lucid Group during the 1st quarter worth about $25,000. First Manhattan Co. raised its holdings in shares of Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company's stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Quent Capital LLC increased its position in shares of Lucid Group by 184.6% during the 3rd quarter. Quent Capital LLC now owns 4,482 shares of the company's stock valued at $25,000 after purchasing an additional 2,907 shares during the last quarter. Itau Unibanco Holding S.A. increased its position in shares of Lucid Group by 283.3% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company's stock valued at $34,000 after purchasing an additional 3,671 shares during the last quarter. Finally, UniSuper Management Pty Ltd increased its position in shares of Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company's stock valued at $37,000 after purchasing an additional 3,700 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

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.