Lucid Group (NASDAQ:LCID) Stock Price Down 0.7%

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 0.7% during mid-day trading on Tuesday . The stock traded as low as $2.82 and last traded at $2.83. Approximately 7,756,654 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 32,810,441 shares. The stock had previously closed at $2.85.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LCID shares. Morgan Stanley reissued an "underweight" rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Bank of America reduced their price objective on Lucid Group from $7.00 to $4.50 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Stifel Nicolaus reduced their price objective 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. Cantor Fitzgerald lowered Lucid Group from a "neutral" rating to an "underweight" rating and reduced their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Robert W. Baird reduced 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. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $4.24.

Lucid Group Trading Up 0.7 %

The stock has a market capitalization of $6.58 billion, a PE ratio of -2.24 and a beta of 1.06. 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 stock has a 50 day moving average price of $2.70 and a 200-day moving average price of $3.28.

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

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of LCID. GAMMA Investing LLC purchased a new position in Lucid Group during the fourth quarter valued at $28,000. Meeder Advisory Services Inc. purchased a new position in Lucid Group during the first quarter valued at $29,000. Norden Group LLC purchased a new position in Lucid Group during the first quarter valued at $32,000. Heritage Wealth Advisors lifted its position in Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company's stock valued at $33,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Summit Trail Advisors LLC purchased a new position in Lucid Group during the first quarter valued at $35,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.