Lucid Group (NASDAQ:LCID) Trading Down 1.5%

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 1.5% on Wednesday . The company traded as low as $2.55 and last traded at $2.57. Approximately 10,473,434 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 18,180,674 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

A number of research firms recently commented on LCID. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Citigroup reiterated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a research note on Monday, April 22nd. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Finally, Stifel Nicolaus decreased their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.24.

Lucid Group Price Performance

The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $5.86 billion, a PE ratio of -2.00 and a beta of 1.06. The stock has a 50-day moving average price of $2.68 and a 200 day moving average price of $3.17.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company 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 53.53% and a negative net margin of 441.29%. Lucid Group’s revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.43) EPS. Equities analysts forecast that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. GAMMA Investing LLC purchased a new stake in Lucid Group during the 4th quarter worth approximately $28,000. Meeder Advisory Services Inc. acquired a new position in Lucid Group in the 1st quarter valued at $29,000. Norden Group LLC purchased a new position in Lucid Group in the 1st quarter valued at $32,000. Heritage Wealth Advisors boosted its stake in Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Summit Trail Advisors LLC purchased a new stake in shares of Lucid Group during the first quarter worth $35,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

About Lucid Group

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.