Lucid Group (NASDAQ:LCID) Shares Down 6.5% - Here's What Happened

Key Points

• Lucid shares fell 6.5% to $3.89 on Wednesday, with roughly 12.7 million shares traded. The stock remains below its 50-day and 200-day moving averages of $5.25 and $6.25, respectively.
• Lucid delivered 3,806 vehicles in the third quarter while producing 2,954, reducing finished-vehicle inventory by 852 units as it adjusts production to near-term demand.
• Analyst sentiment remains cautious: Lucid has a consensus “Reduce” rating and an average price target of $9.22. Its latest quarterly results included a larger-than-expected loss, despite revenue rising 56.2% year over year to $405.35 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 6.5% on Wednesday. The company traded as low as $3.80 and last traded at $3.89. Approximately 12,708,467 shares traded hands during trading, a decline of 5% from the average daily volume of 13,387,684 shares. The stock had previously closed at $4.16.

More Lucid Group News

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid delivered 3,806 vehicles in the third quarter while producing 2,954, allowing it to reduce finished-vehicle inventory by 852 units. Management says the production reset is intended to better align output with near-term demand and improve operations. Lucid Announces Q3 Production and Deliveries
• Positive Sentiment: Some analysts continue to see potential upside from future catalysts, including new products and operational improvements. Barron’s noted that the stock could rise substantially if Lucid successfully executes its strategy, while Cantor Fitzgerald maintained its Hold rating rather than issuing a downgrade. Cantor Fitzgerald Holds Rating

Analyst Upgrades and Downgrades

LCID has been the topic of several research reports. William Blair downgraded shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research note on Monday, September 21st. Citigroup decreased 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. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of "Reduce" and an average price target of $9.22.

Lucid Group Trading Down 6.5%

The firm has a market cap of $1.53 billion, a P/E ratio of -0.28 and a beta of 1.00. The company has a fifty day moving average price of $5.25 and a two-hundred day moving average price of $6.25.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued 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 analyst estimates of $381.59 million. During the same quarter in the previous year, the business earned ($0.24) earnings per share. The company's revenue 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 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of 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 acquiring an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Lucid Group in the second quarter valued at approximately $3,125,000. Lazard Asset Management LLC grew its holdings in Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock valued at $2,904,000 after buying an additional 200,604 shares in the last quarter. Quantinno Capital Management LP raised its stake in Lucid Group by 246.0% in the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company's stock worth $1,931,000 after purchasing an additional 144,089 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $1,355,000. 75.17% of the stock is owned by institutional investors and hedge funds.

About Lucid Group

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

Lucid's product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.

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