Lucid Group (NASDAQ:LCID) Sets New 1-Year Low – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $11.09 and last traded at $11.1450, with a volume of 2886993 shares changing hands. The stock had previously closed at $11.41.

Wall Street Analysts Forecast Growth

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

Lucid Group Stock Down 3.0%

The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The firm’s 50-day moving average price is $14.16 and its 200 day moving average price is $19.50. The firm has a market cap of $3.43 billion, a P/E ratio of -0.99 and a beta of 0.86.

Lucid Group (NASDAQ:LCID) last posted 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). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the firm earned ($2.76) earnings per share. The company’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL acquired a new position in Lucid Group during the 3rd quarter worth $1,361,978,000. IFP Advisors Inc grew its position in Lucid Group by 315.0% in the 3rd quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock valued at $290,000 after buying an additional 9,258 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in Lucid Group during the 3rd quarter valued at about $1,229,000. Uber Technologies Inc bought a new stake in shares of Lucid Group during the 3rd quarter worth about $326,283,000. Finally, Paloma Partners Management Co bought a new stake in shares of Lucid Group during the 3rd quarter worth about $1,368,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.