Lucid Group (NASDAQ:LCID) Shares Down 4.3%

Lucid Group, Inc. (NASDAQ:LCID) was down 4.3% during mid-day trading on Thursday . The company traded as low as $3.36 and last traded at $3.37. Approximately 5,821,646 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 31,976,449 shares. The stock had previously closed at $3.52.

Analyst Ratings Changes

A number of analysts have issued reports on LCID shares. Citigroup reiterated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Stifel Nicolaus reduced 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. Cantor Fitzgerald reiterated an “underweight” rating and issued a $4.00 price target on shares of Lucid Group in a report on Monday, July 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.14.

Lucid Group Stock Performance

The firm’s fifty day moving average is $3.01 and its 200 day moving average is $2.95. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The firm had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.43) earnings per share. On average, equities analysts forecast that Lucid Group, Inc. will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina boosted its position in Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after buying an additional 3,230 shares during the period. Pine Valley Investments Ltd Liability Co lifted its position in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares during the period. Principal Financial Group Inc. lifted its position in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the period. Heritage Wealth Advisors lifted its position in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the period. Finally, Apollon Wealth Management LLC lifted its position in shares of Lucid Group by 24.6% in the 4th quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock worth $89,000 after purchasing an additional 4,170 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.