Lucid Group (NASDAQ:LCID) Stock Price Down 2%

Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) fell 2% on Friday . The stock traded as low as $2.48 and last traded at $2.49. 4,204,937 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 30,245,646 shares. The stock had previously closed at $2.54.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LCID. Bank of America dropped their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus decreased their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $4.24.

View Our Latest Report on Lucid Group

Lucid Group Stock Performance

The company’s 50 day simple moving average is $2.68 and its 200 day simple moving average is $3.16. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The stock has a market cap of $5.72 billion, a PE ratio of -1.96 and a beta of 1.06.

Lucid Group (NASDAQ:LCIDGet Free Report) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same quarter in the previous year, the business earned ($0.43) EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. Analysts expect that Lucid Group, Inc. will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Alps Advisors Inc. lifted its holdings in shares of Lucid Group by 19.8% during the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after acquiring an additional 546,676 shares during the last quarter. Fulton Bank N.A. increased its position in shares of Lucid Group by 46.5% during the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after buying an additional 20,168 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Lucid Group by 7.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after buying an additional 195,519 shares during the period. Finally, Invesco Ltd. boosted its stake in Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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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