Lucid Group (NASDAQ:LCID) Stock Falls 5.6% - What's Next?

Key Points

• Lucid shares fell 5.6% to $3.02 in mid-day trading, with volume 8% above its average session volume.
• Analyst sentiment remains weak: the stock has a consensus “Reduce” rating, with one Buy, nine Hold, and three Sell ratings; the consensus price target is $8.67.
• Lucid missed quarterly EPS expectations despite revenue growth of 56.2% year over year, reporting a $2.78 loss per share and maintaining deeply negative profitability metrics.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price fell 5.6% during mid-day trading on Friday. The stock traded as low as $2.89 and last traded at $3.02. 14,297,315 shares changed hands during trading, an increase of 8% from the average session volume of 13,230,200 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

LCID has been the topic of several recent research reports. 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 cut their target price on shares of Lucid Group from $5.00 to $3.00 and set an "underweight" rating for the company in a research report on Thursday, October 15th. Royal Bank Of Canada reduced their price target on shares of Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a report on Monday, October 12th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a report on Monday, October 12th. Finally, William Blair lowered shares of Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $8.67.

Lucid Group Stock Performance

The business has a 50-day moving average of $4.11 and a 200 day moving average of $6.95. The stock has a market cap of $1.19 billion, a PE ratio of -0.22 and a beta of 1.00.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Bank of America Corp DE grew its holdings in Lucid Group by 10.9% in the 1st 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 period. Bank of New York Mellon Corp purchased a new stake in 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 first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock valued at $2,904,000 after purchasing an additional 200,604 shares during the period. Calamos Advisors LLC increased its position in Lucid Group by 50.0% during the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock worth $2,144,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Lucid Group during the second quarter worth approximately $1,368,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

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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