Lucid Group (NASDAQ:LCID) Stock Price Down 5.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 5.2% during trading on Friday . The stock traded as low as $13.40 and last traded at $13.42. 8,996,615 shares traded hands during trading, a decline of 19% from the average session volume of 11,157,009 shares. The stock had previously closed at $14.15.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Morgan Stanley increased their price target on Lucid Group to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, September 2nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Stifel Nicolaus reduced their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $24.04.

Lucid Group Stock Down 5.2%

The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -1.25 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The business’s 50 day moving average price is $17.87 and its 200 day moving average price is $21.07.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same period in the previous year, the business earned ($2.76) earnings per share. The business’s revenue for the quarter was up 68.3% on a year-over-year basis. On average, equities analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Geode Capital Management LLC grew its holdings in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after buying an additional 1,554,419 shares during the period. Uber Technologies Inc purchased a new stake in Lucid Group during the third quarter valued at about $326,283,000. Marshall Wace LLP lifted its position in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after buying an additional 12,146,136 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after buying an additional 3,465,542 shares during the period. Institutional investors and hedge funds 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.