Lucid Group (NASDAQ:LCID) Shares Down 9.2% Following Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) was down 9.2% during mid-day trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $7.00 to $4.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $3.41 and last traded at $3.44. Approximately 14,935,842 shares were traded during mid-day trading, an increase of 12% from the average session volume of 13,363,742 shares. The stock had previously closed at $3.79.

LCID has been the subject of several other reports. UBS Group reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a report on Monday. Finally, William Blair downgraded Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $8.89.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. HBK Investments L P grew its position in Lucid Group by 217.9% during the 2nd quarter. HBK Investments L P now owns 33,070 shares of the company’s stock worth $221,000 after purchasing an additional 22,667 shares in the last quarter. Tidal Investments LLC raised its stake in Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock valued at $217,000 after purchasing an additional 8,347 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Lucid Group in the second quarter valued at $694,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Lucid Group in the second quarter valued at $129,000. Finally, IFP Advisors Inc lifted its holdings in shares of Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Down 9.2%

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -0.25 and a beta of 1.00. The company has a 50-day moving average price of $5.01 and a 200 day moving average price of $6.11.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The business had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.24) EPS. Equities analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current year.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.