Lucid Group (NASDAQ:LCID) Stock Price Down 10.8% Following Weak Earnings

Lucid Group, Inc. (NASDAQ:LCID) shares fell 10.8% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.70 and last traded at $2.72. 13,504,108 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 32,964,336 shares. The stock had previously closed at $3.05.

The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.43) EPS.

Analysts Set New Price Targets

A number of brokerages have recently commented on LCID. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday. Robert W. Baird lowered their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Citigroup restated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Finally, Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $4.24.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the company. UniSuper Management Pty Ltd increased its position in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after buying an additional 3,700 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Lucid Group during the fourth quarter valued at about $28,000. Banque Cantonale Vaudoise purchased a new position in shares of Lucid Group in the 3rd quarter valued at approximately $38,000. China Universal Asset Management Co. Ltd. boosted its stake in Lucid Group by 309.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock worth $47,000 after purchasing an additional 6,398 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Lucid Group during the 4th quarter worth approximately $43,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Price Performance

The stock’s 50 day simple moving average is $2.76 and its 200-day simple moving average is $3.47. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of -1.94 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.