Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 4.9% during mid-day trading on Monday . The stock traded as low as $5.83 and last traded at $6.03. Approximately 19,646,638 shares traded hands during mid-day trading, an increase of 76% from the average daily volume of 11,141,532 shares. The stock had previously closed at $6.34.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LCID shares. Citigroup started coverage on Lucid Group in a research note on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price objective for the company. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $6.00 price target on Lucid Group in a research note on Wednesday, May 6th. Evercore set a $6.00 price target on Lucid Group in a research note on Monday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $10.00.

Lucid Group Price Performance

The stock has a 50 day moving average of $8.85 and a two-hundred day moving average of $11.37. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The firm has a market capitalization of $1.98 billion, a P/E ratio of -0.46 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same period in the previous year, the business posted ($0.20) earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. Sell-side analysts predict that Lucid Group, Inc. will post -10.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Brown Advisory Inc. raised its stake in shares of Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. Jump Financial LLC acquired a new stake in Lucid Group in the 2nd quarter valued at approximately $41,000. Worldquant Millennium Advisors LLC acquired a new stake in Lucid Group in the 2nd quarter valued at approximately $59,000. Leonteq Securities AG acquired a new stake in Lucid Group in the 4th quarter valued at approximately $67,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Lucid Group in the 4th quarter valued at approximately $77,000. 75.17% of the stock is owned by institutional investors.

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.