Lucid Group (NASDAQ:LCID) Stock Price Down 6.2% - What's Next?

Key Points

• Lucid Group shares fell 6.2% to $3.20, with trading volume below its average. The stock remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is broadly negative: the consensus rating is “Reduce”, with one Buy, nine Hold, and three Sell ratings. The average price target is $8.67, though recent targets included cuts from Citigroup and Morgan Stanley.
• Lucid exceeded revenue estimates in its latest quarter, reporting $405.35 million in revenue, but missed on EPS and posted sharply negative profitability metrics. Institutional investors own approximately 75.17% of the company.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 6.2% on Thursday. The stock traded as low as $3.19 and last traded at $3.20. 9,293,318 shares traded hands during trading, a decline of 30% from the average daily volume of 13,223,773 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

A number of brokerages have commented on LCID. Citigroup cut their price objective on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, August 19th. William Blair downgraded shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. UBS Group reiterated a "hold" rating on shares of Lucid Group in a research note on Tuesday, October 6th. Morgan Stanley cut their price target on shares of Lucid Group from $5.00 to $3.00 and set an "underweight" rating for the company in a report on Thursday, October 15th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $8.67.

Lucid Group Stock Performance

The company has a market capitalization of $1.26 billion, a PE ratio of -0.23 and a beta of 1.00. The firm's 50-day simple moving average is $4.17 and its 200 day simple moving average is $6.99.

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 the consensus estimate 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 company 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 earned ($0.24) EPS. The firm's revenue for the quarter was up 56.2% on a year-over-year basis. As a group, equities analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

Large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in shares of Lucid Group by 6.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company's stock worth $378,000 after purchasing an additional 2,520 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock valued at $28,000 after buying an additional 2,740 shares during the last quarter. Allworth Financial LP grew its holdings in Lucid Group by 249.9% during the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company's stock valued at $27,000 after buying an additional 2,864 shares during the last quarter. IFP Advisors Inc grew its holdings in 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 last quarter. Finally, Pictet Asset Management Holding SA increased its position in Lucid Group by 25.1% during the first quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company's stock worth $213,000 after buying an additional 4,485 shares in the last quarter. Institutional investors and hedge funds 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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