Lucid Group (NASDAQ:LCID) Stock Price Down 1.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 1.4% on Monday . The company traded as low as $4.03 and last traded at $4.16. Approximately 15,833,140 shares traded hands during trading, an increase of 16% from the average daily volume of 13,667,281 shares. The stock had previously closed at $4.22.

Analyst Upgrades and Downgrades

LCID has been the subject of several research analyst reports. William Blair cut Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Royal Bank Of Canada reissued a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Finally, Citigroup lowered their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $9.22.

Lucid Group Stock Performance

The company has a market cap of $1.62 billion, a P/E ratio of -0.30 and a beta of 0.81. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The firm has a 50 day moving average of $5.91 and a 200-day moving average of $6.88.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. The business’s revenue was up 56.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE raised its stake in shares of Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Lucid Group by 11.8% in the first quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock worth $4,281,000 after purchasing an additional 47,427 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after purchasing an additional 200,604 shares during the last quarter. Calamos Advisors LLC increased its position in shares of Lucid Group by 50.0% during the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock worth $2,144,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Lucid Group by 246.0% during the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after purchasing an additional 144,089 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.