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

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 2% during trading on Friday . The company traded as low as $2.48 and last traded at $2.49. Approximately 4,204,937 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 30,245,646 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of analyst reports. Citigroup reissued a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Stifel Nicolaus lowered their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.24.

Lucid Group Price Performance

The firm has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $3.15. The stock has a market capitalization of $5.74 billion, a P/E ratio of -1.96 and a beta of 1.06. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66.

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

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Janney Montgomery Scott LLC lifted its holdings in shares of Lucid Group by 56.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 34,866 shares of the company’s stock valued at $195,000 after buying an additional 12,586 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Lucid Group by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,533,310 shares of the company’s stock worth $14,161,000 after purchasing an additional 194,722 shares during the period. Pathstone Family Office LLC bought a new position in Lucid Group in the 3rd quarter worth $120,000. DekaBank Deutsche Girozentrale raised its holdings in Lucid Group by 19.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 159,199 shares of the company’s stock worth $897,000 after purchasing an additional 26,143 shares during the period. Finally, QRG Capital Management Inc. bought a new position in Lucid Group in the 3rd quarter worth $269,000. 75.17% of the stock is owned by 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.