Lucid Group (NASDAQ:LCID) Stock Price Down 2.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded down 2.3% during mid-day trading on Friday . The stock traded as low as $12.54 and last traded at $12.54. 5,388,350 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 11,076,588 shares. The stock had previously closed at $12.83.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 8th. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus reduced their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $21.54.

Lucid Group Stock Down 2.3%

The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The business’s fifty day moving average price is $16.51 and its two-hundred day moving average price is $20.46. The stock has a market capitalization of $4.07 billion, a PE ratio of -1.17 and a beta of 0.86.

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

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. US Bancorp DE raised its position in Lucid Group by 97.0% during the 1st quarter. US Bancorp DE now owns 19,374 shares of the company’s stock worth $47,000 after buying an additional 9,539 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after acquiring an additional 615,108 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Lucid Group by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,740,395 shares of the company’s stock worth $16,312,000 after purchasing an additional 144,694 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Lucid Group by 5.8% during the first quarter. Deutsche Bank AG now owns 102,587 shares of the company’s stock worth $248,000 after purchasing an additional 5,661 shares during the last quarter. Finally, Swiss National Bank lifted its position in Lucid Group by 26.9% during the first quarter. Swiss National Bank now owns 2,334,000 shares of the company’s stock valued at $5,648,000 after purchasing an additional 495,000 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.