Lucid Group (NASDAQ:LCID) Stock Price Down 1.1%

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares fell 1.1% during trading on Monday . The stock traded as low as $2.79 and last traded at $2.81. 6,745,656 shares changed hands during trading, a decline of 80% from the average session volume of 32,938,758 shares. The stock had previously closed at $2.84.

Wall Street Analyst Weigh In

Several brokerages have commented on LCID. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Tuesday, May 7th. Cantor Fitzgerald cut Lucid Group from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Morgan Stanley reiterated an "underweight" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus dropped their target price on Lucid Group from $4.00 to $3.00 and set a "hold" rating for the company in a research report on Wednesday, May 8th. Finally, Robert W. Baird lowered their price target on Lucid Group from $6.00 to $4.00 and set a "neutral" rating for the company in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $4.24.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The company has a market capitalization of $6.58 billion, a PE ratio of -2.24 and a beta of 1.06. The firm's fifty day simple moving average is $2.70 and its 200 day simple moving average is $3.28.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (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 firm had revenue of $172.74 million for the quarter, compared to analysts' expectations of $173.54 million. During the same period in the previous year, the company earned ($0.43) earnings per share. The company's revenue was up 15.6% compared to the same quarter last year. On average, research analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC acquired a new stake in Lucid Group in the 4th quarter valued at about $28,000. Meeder Advisory Services Inc. acquired a new stake in shares of Lucid Group during the 1st quarter worth approximately $29,000. Norden Group LLC acquired a new stake in shares of Lucid Group during the 1st quarter worth approximately $32,000. Heritage Wealth Advisors increased its holdings in shares of Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company's stock worth $33,000 after buying an additional 4,000 shares during the last quarter. Finally, Summit Trail Advisors LLC acquired a new stake in shares of Lucid Group during the 1st quarter worth approximately $35,000. Institutional investors and hedge funds 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.