Lucid Group (NASDAQ:LCID) Trading Down 0.4%

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 0.4% on Wednesday . The company traded as low as $2.78 and last traded at $2.83. 3,519,246 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 32,637,471 shares. The stock had previously closed at $2.84.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LCID. Cantor Fitzgerald downgraded Lucid Group from a "neutral" rating to an "underweight" rating and lowered their price target for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Tuesday, May 7th. Robert W. Baird cut their target price 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. Citigroup reiterated a "neutral" rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Stifel Nicolaus dropped their price target on Lucid Group from $4.00 to $3.00 and set a "hold" rating on the stock in a research note on Wednesday, May 8th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $4.24.

Lucid Group Trading Up 0.7 %

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

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). The firm had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. Lucid Group's revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.43) EPS. Analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new position in shares of Lucid Group in the 4th quarter valued at approximately $28,000. Meeder Advisory Services Inc. purchased a new position in Lucid Group during the first quarter worth $29,000. Norden Group LLC purchased a new stake in shares of Lucid Group in the first quarter valued at $32,000. Heritage Wealth Advisors grew its position in shares of Lucid Group by 53.3% in 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 during the period. Finally, Summit Trail Advisors LLC purchased a new stake in Lucid Group during the first quarter valued at about $35,000. 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.