Lucid Group (NASDAQ:LCID) Stock Price Down 9.2% Following Analyst Downgrade

Key Points

• Lucid shares fell 9.2% to $3.44 after RBC cut its price target from $7.00 to $4.00 while maintaining a sector perform rating.
• Analyst sentiment remains cautious: Lucid has a consensus “Reduce” rating, with one Buy, nine Hold, and three Sell ratings; the consensus price target is $8.89.
• Lucid reported a quarterly revenue increase of 56.2% year over year to $405.35 million, but missed earnings expectations and continued to post significant losses. Institutional investors own approximately 75.17% of the company.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 9.2% during trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $7.00 to $4.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $3.41 and last traded at $3.44. Approximately 14,935,842 shares changed hands during trading, an increase of 12% from the average session volume of 13,363,742 shares. The stock had previously closed at $3.79.

Several other research analysts have also recently issued reports on LCID. William Blair cut shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. UBS Group reissued a "hold" rating on shares of Lucid Group in a report on Tuesday, October 6th. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a report on Monday. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, September 21st. Finally, Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $8.89.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its position in shares of Lucid Group by 10.9% during 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 purchasing an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp acquired a new position 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 purchasing an additional 200,604 shares during the last quarter. Calamos Advisors LLC raised its holdings 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 purchasing an additional 75,000 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Lucid Group in the 2nd quarter worth approximately $1,368,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Trading Down 9.2%

The firm has a market capitalization of $1.36 billion, a P/E ratio of -0.25 and a beta of 1.00. The business's fifty day moving average is $5.01 and its 200 day moving average is $6.11.

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

Lucid Group Company Profile

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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