Lucid Group (NASDAQ:LCID) Trading Down 0.8%

Lucid Group, Inc. (NASDAQ:LCID) shares were down 0.8% during trading on Tuesday . The stock traded as low as $2.35 and last traded at $2.41. Approximately 5,312,113 shares changed hands during trading, a decline of 85% from the average daily volume of 35,326,609 shares. The stock had previously closed at $2.43.

Analyst Ratings Changes

Several analysts recently commented on LCID shares. Stifel Nicolaus dropped their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Bank of America decreased their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Finally, Robert W. Baird decreased their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $4.80.

Lucid Group Trading Up 0.4 %

The company has a fifty day simple moving average of $3.04 and a two-hundred day simple moving average of $3.76. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The company has a market cap of $5.61 billion, a PE ratio of -1.72 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. During the same quarter last year, the company earned ($0.40) EPS. Lucid Group’s revenue for the quarter was down 39.0% compared to the same quarter last year. Analysts anticipate that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in Lucid Group by 32.0% during the 2nd quarter. BlackRock Inc. now owns 45,330,425 shares of the company’s stock worth $312,327,000 after acquiring an additional 10,991,369 shares during the period. Vanguard Group Inc. lifted its position in Lucid Group by 36.7% during the 1st quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock worth $983,933,000 after acquiring an additional 10,400,923 shares during the period. Norges Bank acquired a new stake in shares of Lucid Group in the 4th quarter valued at approximately $22,208,000. State Street Corp lifted its holdings in shares of Lucid Group by 80.9% in the 2nd quarter. State Street Corp now owns 10,822,778 shares of the company’s stock valued at $185,719,000 after buying an additional 4,841,301 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in shares of Lucid Group by 496.8% in the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after buying an additional 1,900,730 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.