Lucid Group (NASDAQ:LCID) Stock Price Down 0.8%

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 0.8% during mid-day trading on Tuesday . The company traded as low as $2.35 and last traded at $2.41. Approximately 5,312,113 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 35,326,609 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

Several research firms have weighed in on LCID. Stifel Nicolaus lowered their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, February 26th. Morgan Stanley restated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Robert W. Baird cut their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Bank of America cut their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Price Performance

The company’s 50 day moving average price is $3.04 and its 200-day moving average price is $3.76. The stock has a market cap of $5.61 billion, a P/E ratio of -1.72 and a beta of 1.01. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s revenue was down 39.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.40) EPS. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the company. True North Advisors LLC raised its stake in Lucid Group by 43.0% during the first quarter. True North Advisors LLC now owns 54,871 shares of the company’s stock worth $156,000 after buying an additional 16,501 shares during the last quarter. Ballentine Partners LLC raised its stake in Lucid Group by 154.2% during the first quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock worth $82,000 after buying an additional 17,405 shares during the last quarter. Wedmont Private Capital bought a new position in Lucid Group during the first quarter worth $136,000. HighPoint Advisor Group LLC bought a new position in Lucid Group during the fourth quarter worth $46,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Lucid Group by 24.4% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,706,434 shares of the company’s stock worth $7,184,000 after buying an additional 334,923 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.