Lucid Group (NASDAQ:LCID) Trading Down 3.5% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 3.5% on Friday . The stock traded as low as $10.92 and last traded at $11.0660. 6,463,938 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 8,653,850 shares. The stock had previously closed at $11.47.

Analysts Set New Price Targets

LCID has been the topic of several recent research reports. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Stifel Nicolaus decreased their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and cut their price objective for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Finally, Royal Bank Of Canada decreased their target price on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 14th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Lucid Group currently has an average rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Performance

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 company has a market capitalization of $3.59 billion, a PE ratio of -1.03 and a beta of 0.89. The stock has a 50-day simple moving average of $11.94 and a 200 day simple moving average of $18.25.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LCID. Oak Thistle LLC purchased a new stake in Lucid Group in the 4th quarter valued at approximately $278,000. SG Americas Securities LLC raised its holdings in shares of Lucid Group by 65.9% in the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock worth $1,915,000 after acquiring an additional 71,966 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in Lucid Group in the 3rd quarter valued at about $1,361,978,000. IFP Advisors Inc lifted its stake in shares of Lucid Group by 315.0% during the third 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 during the period. Finally, Dark Forest Capital Management LP purchased a new position in shares of Lucid Group during the 3rd quarter worth $1,229,000. 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.