Lucid Group (NASDAQ:LCID) Trading Down 7.7%

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 7.7% on Wednesday . The stock traded as low as $2.86 and last traded at $2.88. Approximately 15,375,706 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 33,144,695 shares. The stock had previously closed at $3.12.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of recent analyst reports. Cantor Fitzgerald cut Lucid Group from a "neutral" rating to an "underweight" rating and cut their price objective for the company from $6.00 to $4.00 in a research report 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. Citigroup reaffirmed a "neutral" rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Stifel Nicolaus decreased their price objective on Lucid Group from $4.00 to $3.00 and set a "hold" rating on the stock in a report on Wednesday, May 8th. Finally, Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of "Hold" and a consensus price target of $4.24.

Lucid Group Stock Performance

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a fifty day moving average price of $2.71 and a 200 day moving average price of $3.43. The firm has a market cap of $6.69 billion, a PE ratio of -2.27 and a beta of 1.04.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million for the quarter, compared to analysts' expectations of $173.54 million. During the same quarter in the prior year, the firm earned ($0.43) EPS. The firm's revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. lifted its position in shares of Lucid Group by 19.8% during the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company's stock worth $18,453,000 after purchasing an additional 546,676 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Lucid Group by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company's stock worth $23,562,000 after buying an additional 410,025 shares during the period. Fulton Bank N.A. increased its stake in shares of Lucid Group by 46.5% during the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company's stock worth $267,000 after buying an additional 20,168 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company's stock worth $48,109,000 after buying an additional 1,060,588 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company's stock worth $33,466,000 after buying an additional 1,763,443 shares during the period. Institutional investors and hedge funds 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.

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