Lucid Group (NASDAQ:LCID) Trading Down 5.2%

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 5.2% during trading on Thursday . The company traded as low as $2.74 and last traded at $2.74. Approximately 6,726,229 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 32,487,082 shares. The stock had previously closed at $2.89.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on LCID shares. Citigroup reaffirmed a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a research note on Monday, April 22nd. Robert W. Baird cut their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Finally, Stifel Nicolaus cut their price target on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus target price of $4.24.

Lucid Group Stock Up 0.7 %

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The stock has a market cap of $6.58 billion, a P/E ratio of -2.24 and a beta of 1.06. The firm’s fifty day moving average is $2.70 and its 200 day moving average is $3.28.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.43) earnings per share. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.16 EPS for the current year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its position in shares of Lucid Group by 19.8% during the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after acquiring an additional 546,676 shares in the last quarter. Fulton Bank N.A. boosted its position in shares of Lucid Group by 46.5% during the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after acquiring an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after acquiring an additional 1,060,588 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Lucid Group by 496.8% during the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after acquiring an additional 1,900,730 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after acquiring an additional 1,763,443 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.