Lucid Group (NASDAQ:LCID) Shares Gap Down to $2.38

Lucid Group, Inc. (NASDAQ:LCID) shares gapped down before the market opened on Tuesday . The stock had previously closed at $2.38, but opened at $2.31. Lucid Group shares last traded at $2.40, with a volume of 4,209,419 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LCID shares. Citigroup reissued a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday. Robert W. Baird reduced their price objective on 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 set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Bank of America reduced their price objective on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average target price of $4.34.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The firm has a 50-day moving average of $2.93 and a 200-day moving average of $3.66. The stock has a market cap of $5.64 billion, a PE ratio of -1.73 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 business had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. The company’s quarterly revenue was down 39.0% compared to the same quarter last year. Research analysts predict that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LCID. Vontobel Holding Ltd. increased its holdings in Lucid Group by 150.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 160,585 shares of the company’s stock worth $898,000 after purchasing an additional 96,451 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in Lucid Group by 27.1% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 20,703 shares of the company’s stock worth $116,000 after purchasing an additional 4,409 shares during the period. DnB Asset Management AS increased its holdings in Lucid Group by 4.7% during the 3rd quarter. DnB Asset Management AS now owns 139,913 shares of the company’s stock worth $782,000 after purchasing an additional 6,229 shares during the period. Naples Global Advisors LLC purchased a new position in Lucid Group during the 3rd quarter worth $287,000. Finally, Newbridge Financial Services Group Inc. increased its holdings in Lucid Group by 24.3% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 19,443 shares of the company’s stock worth $109,000 after purchasing an additional 3,803 shares during the period. 75.17% of the stock is currently 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.