Lucid Group (NASDAQ:LCID) Stock Price Down 0.4%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 0.4% during trading on Tuesday . The stock traded as low as $2.42 and last traded at $2.49. 5,016,450 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 33,248,098 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LCID. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus cut their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Citigroup reiterated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.34.

Lucid Group Trading Up 6.1 %

The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The firm has a market cap of $6.39 billion, a P/E ratio of -1.89 and a beta of 1.04. The company’s 50 day simple moving average is $2.78 and its 200-day simple moving average is $3.54.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The firm’s revenue for the quarter was down 39.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) EPS. As a group, research analysts predict that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares during the period. Invesco Ltd. increased its position in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares during the period. Norges Bank purchased a new position in shares of Lucid Group during the fourth quarter worth approximately $22,208,000. Finally, Northern Trust Corp increased its position in shares of Lucid Group by 13.8% during the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after acquiring an additional 631,728 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.