Lucid Group (NASDAQ:LCID) Stock Price Down 5.4% – Here’s What Happened

by · The Cerbat Gem

Shares of Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) were down 5.4% during mid-day trading on Tuesday . The stock traded as low as $11.59 and last traded at $11.63. Approximately 5,990,973 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 10,963,846 shares. The stock had previously closed at $12.30.

Analyst Ratings Changes

A number of research analysts have recently issued reports on LCID shares. Stifel Nicolaus dropped their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their target price for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $21.54.

Read Our Latest Research Report on LCID

Lucid Group Price Performance

The stock has a market cap of $3.77 billion, a price-to-earnings ratio of -1.09 and a beta of 0.87. The company’s 50 day moving average is $15.26 and its 200 day moving average is $19.93. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Lucid Group (NASDAQ:LCID – Get Free Report) last issued its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same quarter in the previous year, the company posted ($2.76) earnings per share. The company’s quarterly revenue was up 68.3% compared to the same quarter last year. Research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its holdings in shares of Lucid Group by 11.1% in the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after acquiring an additional 34,116 shares during the last quarter. HBK Investments L P acquired a new stake in shares of Lucid Group during the second quarter valued at $2,658,000. Highbridge Capital Management LLC purchased a new stake in Lucid Group during the 2nd quarter worth about $3,245,000. Marex Group plc acquired a new position in Lucid Group in the 2nd quarter valued at about $7,613,000. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in Lucid Group by 33.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 475,360 shares of the company’s stock valued at $1,003,000 after purchasing an additional 118,746 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

(Get Free Report)

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.

Read More