Lucid Group (NASDAQ:LCID) Trading Down 6.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 6.4% during trading on Friday . The company traded as low as $14.19 and last traded at $14.20. 11,306,857 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 11,346,514 shares. The stock had previously closed at $15.17.

Analyst Ratings Changes

Several analysts recently commented on LCID shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Thursday. Cantor Fitzgerald dropped their price target on shares of Lucid Group from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research note on Friday, August 29th. Finally, Morgan Stanley lifted their target price on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 2nd. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $21.93.

Lucid Group Trading Down 6.4%

The firm’s 50-day moving average price is $20.01 and its 200 day moving average price is $22.25. The company has a market cap of $4.60 billion, a price-to-earnings ratio of -1.33 and a beta of 0.80. 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm’s revenue was up 68.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($2.76) EPS. As a group, equities analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Several large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in Lucid Group by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company’s stock worth $7,480,000 after buying an additional 132,497 shares during the period. Arizona State Retirement System increased its holdings in shares of Lucid Group by 27.1% during the first quarter. Arizona State Retirement System now owns 344,014 shares of the company’s stock valued at $833,000 after acquiring an additional 73,261 shares in the last quarter. CWM LLC raised its position in shares of Lucid Group by 32.0% during the first quarter. CWM LLC now owns 27,947 shares of the company’s stock worth $68,000 after purchasing an additional 6,771 shares during the period. Wealthfront Advisers LLC lifted its holdings in shares of Lucid Group by 58.7% in the 1st quarter. Wealthfront Advisers LLC now owns 233,286 shares of the company’s stock worth $565,000 after purchasing an additional 86,255 shares in the last quarter. Finally, Kestra Private Wealth Services LLC grew its position in Lucid Group by 14.0% in the 1st quarter. Kestra Private Wealth Services LLC now owns 71,744 shares of the company’s stock valued at $174,000 after purchasing an additional 8,820 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.