Lucid Group (NASDAQ:LCID) Stock Price Down 2.8% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 2.8% on Tuesday . The company traded as low as $10.74 and last traded at $10.94. Approximately 7,456,900 shares traded hands during mid-day trading, an increase of 14% from the average daily volume of 6,518,184 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Stifel Nicolaus cut their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Finally, Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of “Reduce” and a consensus price target of $19.54.

Lucid Group Price Performance

The business’s 50-day simple moving average is $12.94 and its 200 day simple moving average is $18.84. The company has a market capitalization of $3.55 billion, a P/E ratio of -1.02 and a beta of 0.89. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter last year, the company earned ($2.76) earnings per share. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LCID. Tudor Investment Corp ET AL bought a new stake in Lucid Group in the third quarter worth about $1,361,978,000. Geode Capital Management LLC boosted its position in shares of Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Uber Technologies Inc acquired a new position in shares of Lucid Group in the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP raised its holdings in shares of Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.