Lucid Group (NASDAQ:LCID) Trading Down 4.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares fell 4.2% during trading on Thursday . The company traded as low as $9.56 and last traded at $9.84. 7,422,573 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 7,669,593 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

Several analysts recently commented on LCID shares. Benchmark reaffirmed a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Cantor Fitzgerald decreased their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Bank of America initiated coverage on Lucid Group in a research report on Wednesday. They issued an “underperform” rating and a $10.00 price objective on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $10.00 price objective on shares of Lucid Group in a research note on Wednesday, February 25th. Finally, Stifel Nicolaus cut their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $12.50.

Lucid Group Trading Down 0.7%

The stock has a market cap of $3.20 billion, a PE ratio of -0.81 and a beta of 1.12. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The company has a 50 day moving average of $10.53 and a two-hundred day moving average of $15.14.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). Lucid Group had a negative return on equity of 138.82% and a negative net margin of 207.87%.The business had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. During the same quarter in the prior year, the company posted ($0.22) EPS. The business’s revenue for the quarter was up 122.9% compared to the same quarter last year. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Valeo Financial Advisors LLC increased its holdings in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. Jain Global LLC lifted its holdings in Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after purchasing an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Lucid Group by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock valued at $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of Lucid Group by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after purchasing an additional 1,430 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in shares of Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after purchasing an additional 1,569 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.