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

by · The Markets Daily

Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares dropped 2.4% during trading on Tuesday . The stock traded as low as $12.14 and last traded at $12.45. Approximately 9,321,094 shares were traded during trading, a decline of 16% from the average daily volume of 11,142,476 shares. The stock had previously closed at $12.76.

Analyst Upgrades and Downgrades

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

View Our Latest Stock Analysis on LCID

Lucid Group Stock Down 1.2%

The firm has a 50-day moving average price of $16.75 and a two-hundred day moving average price of $20.55. The company has a market capitalization of $4.16 billion, a P/E ratio of -1.20 and a beta of 0.86. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID – Get Free Report) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate 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 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 earned ($2.76) earnings per share. Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. Equities research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the stock. US Bancorp DE increased its stake in Lucid Group by 97.0% during the first quarter. US Bancorp DE now owns 19,374 shares of the company’s stock valued at $47,000 after acquiring an additional 9,539 shares during the period. Blair William & Co. IL grew its holdings in shares of Lucid Group by 50.5% during the 1st quarter. Blair William & Co. IL now owns 16,036 shares of the company’s stock worth $39,000 after purchasing an additional 5,379 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock valued at $268,460,000 after purchasing an additional 615,108 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Lucid Group by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,740,395 shares of the company’s stock valued at $16,312,000 after purchasing an additional 144,694 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in Lucid Group by 5.8% in the first quarter. Deutsche Bank AG now owns 102,587 shares of the company’s stock worth $248,000 after purchasing an additional 5,661 shares during the period. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

(Get Free Report)

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.

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