Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 2.4% during mid-day trading on Tuesday . The stock traded as low as $2.64 and last traded at $2.69. Approximately 18,977,147 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 82,284,906 shares. The stock had previously closed at $2.75.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Performance

The company has a fifty day moving average of $2.73 and a 200 day moving average of $3.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a market cap of $8.19 billion, a P/E ratio of -2.03 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). The firm had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same period in the prior year, the firm posted ($0.28) EPS. On average, equities analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LCID. Charles Schwab Investment Management Inc. raised its holdings in shares of Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. bought a new position in Lucid Group in the third quarter valued at approximately $3,209,000. Van ECK Associates Corp raised its stake in shares of Lucid Group by 103.3% during the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after purchasing an additional 633,410 shares in the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Lucid Group in the 4th quarter valued at approximately $861,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after buying an additional 249,500 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.