Lucid Group (NASDAQ:LCID) Stock Price Down 1.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) was down 1.9% during mid-day trading on Thursday . The stock traded as low as $6.15 and last traded at $6.27. Approximately 15,389,161 shares were traded during mid-day trading, an increase of 35% from the average daily volume of 11,398,432 shares. The stock had previously closed at $6.39.

Analyst Ratings Changes

Several research firms have recently weighed in on LCID. TD Cowen reduced their price objective on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Robert W. Baird set a $6.00 target price on Lucid Group in a report on Wednesday, May 6th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $14.00 price target on shares of Lucid Group in a research report on Monday, May 4th. Royal Bank Of Canada dropped their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Monday, April 13th. Finally, Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $10.00.

Lucid Group Stock Down 1.9%

The firm has a 50-day moving average of $8.53 and a two-hundred day moving average of $11.00. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -0.48 and a beta of 0.88. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). The business had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.20) EPS. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL purchased a new stake in Lucid Group in the 3rd quarter worth approximately $1,361,978,000. Uber Technologies Inc purchased a new position in shares of Lucid Group during the 3rd quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after acquiring an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock worth $9,465,000 after acquiring an additional 2,167,882 shares during the last quarter. Institutional investors and hedge funds 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.