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

Key Points

• Lucid shares fell 1.4% to $4.13 in mid-day trading, with volume about 43% below its average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is largely cautious: Lucid has an average “Reduce” rating, with eight Holds and three Sells versus one Buy, and an average price target of $9.22.
• Lucid reported a quarterly revenue increase of 56.2% to $405.35 million but missed EPS expectations, posting a loss of $2.78 per share. The company continues to face steep losses, including a negative net margin of 249.21%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 1.4% during mid-day trading on Friday. The company traded as low as $4.08 and last traded at $4.13. Approximately 7,663,954 shares were traded during trading, a decline of 43% from the average daily volume of 13,456,153 shares. The stock had previously closed at $4.19.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a report on Monday, September 21st. William Blair cut Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday, September 21st. Zacks Research raised Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Lucid Group currently has an average rating of "Reduce" and an average target price of $9.22.

Lucid Group Trading Down 1.4%

The stock has a market cap of $1.63 billion, a PE ratio of -0.30 and a beta of 1.00. The business has a fifty day simple moving average of $5.41 and a two-hundred day simple moving average of $6.37.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its 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 net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million during the quarter, compared to analysts' expectations of $381.59 million. During the same quarter in the previous year, the business earned ($0.24) EPS. The company's revenue for the quarter was up 56.2% compared to the same quarter last year. On average, research analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in shares of Lucid Group by 10.9% during 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 purchasing an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Lucid Group in the 2nd quarter worth approximately $3,125,000. Lazard Asset Management LLC grew its stake 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 buying an additional 200,604 shares during the last quarter. Calamos Advisors LLC grew its stake 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 buying an additional 75,000 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Lucid Group during the 2nd quarter valued at approximately $1,368,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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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