Lucid Group (NASDAQ:LCID) Shares Down 3.4% - Here's What Happened

Key Points

• Lucid shares fell 3.4% to $3.40 in mid-day trading, with volume down 47% from the stock’s average daily volume.
• Analyst sentiment remains cautious: LCID has a consensus “Reduce” rating, with one Buy, nine Hold, and three Sell ratings; the average price target is $8.67.
• Lucid reported a quarterly loss of $2.78 per share, missing estimates, despite revenue of $405.35 million that increased 56.2% year over year. Institutional investors own approximately 75.17% of the stock.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price fell 3.4% during mid-day trading on Monday. The company traded as low as $3.38 and last traded at $3.40. 6,991,733 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 13,277,306 shares. The stock had previously closed at $3.52.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent research reports. William Blair downgraded Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Citigroup dropped their target price on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, August 19th. Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Morgan Stanley decreased their price target on shares of Lucid Group from $5.00 to $3.00 and set an "underweight" rating on the stock in a research note on Thursday, October 15th. Finally, UBS Group restated a "hold" rating on shares of Lucid Group in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $8.67.

Lucid Group Price Performance

The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -0.25 and a beta of 1.00. The firm has a fifty day moving average of $4.30 and a 200 day moving average of $5.66.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $405.35 million for the quarter, compared to analysts' expectations of $381.59 million. During the same quarter in the previous year, the business posted ($0.24) EPS. The business's quarterly revenue was up 56.2% compared to the same quarter last year. Research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock valued at $28,000 after purchasing an additional 2,740 shares during the last quarter. IFP Advisors Inc raised its position in shares of Lucid Group by 1,231.3% during the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock valued at $25,000 after buying an additional 3,497 shares during the period. Allworth Financial LP lifted its holdings in Lucid Group by 249.9% in the second quarter. Allworth Financial LP now owns 4,010 shares of the company's stock valued at $27,000 after acquiring an additional 2,864 shares during the last quarter. Nykredit A S acquired a new position in Lucid Group in the second quarter valued at approximately $47,000. Finally, Meeder Advisory Services Inc. purchased a new position in Lucid Group in the first quarter worth approximately $98,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid's vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.

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