Lucid Group (NASDAQ:LCID) Trading Down 10.8% After Earnings Miss

Lucid Group, Inc. (NASDAQ:LCIDGet Free Report)’s stock price dropped 10.8% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $2.70 and last traded at $2.72. Approximately 13,504,108 shares traded hands during mid-day trading, a decline of 59% from the average daily 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 the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. During the same quarter in the prior year, the company earned ($0.43) earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis.

Analysts Set New Price Targets

LCID has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Stifel Nicolaus dropped their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley restated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird cut their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $4.24.

Get Our Latest Analysis on LCID

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. UniSuper Management Pty Ltd increased its stake in Lucid Group by 127.6% in the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after purchasing an additional 3,700 shares during the period. GAMMA Investing LLC purchased a new position in shares of Lucid Group in the fourth quarter worth $28,000. Banque Cantonale Vaudoise bought a new stake in Lucid Group during the 3rd quarter valued at $38,000. Capital Performance Advisors LLP purchased a new stake in Lucid Group during the 4th quarter valued at $43,000. Finally, Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Lucid Group during the 3rd quarter valued at $57,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

The firm has a market cap of $6.58 billion, a P/E ratio of -2.24 and a beta of 1.06. The business’s fifty day simple moving average is $2.70 and its 200-day simple moving average is $3.28. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49.

About Lucid Group

(Get Free Report)

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.

Further Reading

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