Lucid Group (NASDAQ:LCID) Shares Down 1.4% - What's Next?

Key Points

• Lucid shares fell 1.4% to $4.16 in mid-day trading, with volume 16% above the average session level.
• Analyst sentiment remains cautious: LCID has a consensus rating of “Reduce”, based on one Buy, eight Hold, and three Sell ratings, with an average price target of $9.22.
• Lucid’s latest quarter showed revenue of $405.35 million, exceeding estimates, but the company reported an adjusted loss of $2.78 per share versus the expected $2.36 loss; analysts anticipate a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 1.4% during mid-day trading on Monday . The stock traded as low as $4.03 and last traded at $4.16. Approximately 15,833,140 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 13,667,281 shares. The stock had previously closed at $4.22.

Wall Street Analyst Weigh In

LCID has been the topic of several research reports. William Blair lowered Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a research report on Monday, August 3rd. Finally, Citigroup reduced their price target on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $9.22.

Lucid Group Price Performance

The company has a market cap of $1.64 billion, a P/E ratio of -0.30 and a beta of 0.81. The company's 50-day moving average price is $6.00 and its two-hundred day moving average price is $6.96. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts' consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same quarter last year, the business posted ($0.24) earnings per share. The firm's revenue for the quarter was up 56.2% on a year-over-year basis. As a group, sell-side analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its stake in Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock valued at $18,289,000 after buying an additional 189,134 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Lucid Group by 687.8% during the second quarter. California State Teachers Retirement System now owns 1,443,448 shares of the company's stock worth $9,657,000 after acquiring an additional 1,260,224 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Lucid Group by 11.8% during the first quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company's stock worth $4,281,000 after acquiring an additional 47,427 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock worth $2,904,000 after acquiring an additional 200,604 shares during the period. Finally, Calamos Advisors LLC increased its holdings in shares of Lucid Group by 50.0% in the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock worth $2,144,000 after acquiring an additional 75,000 shares during the period. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company's operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid's primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.

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