Lucid Group (NASDAQ:LCID) Trading Down 2.4% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 2.4% during trading on Wednesday . The stock traded as low as $15.29 and last traded at $16.59. Approximately 19,225,456 shares traded hands during mid-day trading, an increase of 69% from the average daily volume of 11,344,986 shares. The stock had previously closed at $16.99.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of analyst reports. Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research report on Friday, August 29th. Morgan Stanley lifted their target price on Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald decreased their price objective on shares of Lucid Group from $26.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lucid Group in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $21.93.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The firm’s 50-day moving average price is $20.12 and its two-hundred day moving average price is $22.44. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -1.55 and a beta of 0.80.

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

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently bought and sold shares of LCID. Johnson & White Wealth Management LLC acquired a new position in shares of Lucid Group during the third quarter worth about $238,000. HB Wealth Management LLC acquired a new position in shares of Lucid Group in the 1st quarter valued at approximately $25,000. Integrity Alliance LLC. acquired a new stake in Lucid Group in the first quarter valued at $27,000. Sapient Capital LLC bought a new stake in shares of Lucid Group in the 3rd quarter worth about $287,000. Finally, Valeo Financial Advisors LLC increased its holdings in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.