Lucid Group (NASDAQ:LCID) Trading Down 7.8% – Here’s Why
by Michael Walen · The Markets DailyLucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price dropped 7.8% during mid-day trading on Wednesday . The stock traded as low as $4.21 and last traded at $4.27. Approximately 14,550,207 shares were traded during trading, an increase of 6% from the average session volume of 13,710,621 shares. The stock had previously closed at $4.63.
Analyst Ratings Changes
A number of research analysts recently issued reports on LCID shares. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Citigroup decreased their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Finally, Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $9.22.
Read Our Latest Report on LCID
Lucid Group Price Performance
The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The firm has a market capitalization of $1.65 billion, a PE ratio of -0.31 and a beta of 0.81. The stock has a 50-day moving average price of $6.04 and a 200 day moving average price of $7.00.
Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. Lucid Group’s revenue was up 56.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.24) EPS. Equities analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.
Institutional Investors Weigh In On Lucid Group
Several institutional investors have recently bought and sold shares of LCID. IFP Advisors Inc lifted its position 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 acquiring an additional 3,497 shares in the last quarter. Allworth Financial LP increased its position in shares of Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after purchasing an additional 2,864 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after purchasing an additional 2,740 shares during the last quarter. Brown Advisory Inc. raised its stake in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in Lucid Group in the 2nd quarter valued at $41,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.
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.