Lucid Group (NASDAQ:LCID) Trading Down 9.1% After Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 9.1% during trading on Monday after Stifel Nicolaus lowered their price target on the stock from $21.00 to $17.00. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $12.57 and last traded at $12.91. 16,036,387 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 11,368,299 shares. The stock had previously closed at $14.20.

A number of other brokerages have also weighed in on LCID. Morgan Stanley boosted their price target on shares of Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Thursday. Finally, Cantor Fitzgerald reduced their price target on Lucid Group from $26.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. One 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. Based on data from MarketBeat, Lucid Group presently has an average rating of “Reduce” and a consensus target price of $23.59.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Paloma Partners Management Co purchased a new stake in shares of Lucid Group during the 3rd quarter valued at about $1,368,000. Holocene Advisors LP bought a new position in Lucid Group during the third quarter valued at approximately $1,042,000. Schonfeld Strategic Advisors LLC bought a new position in Lucid Group during the third quarter valued at approximately $3,813,000. HITE Hedge Asset Management LLC bought a new stake in Lucid Group in the 3rd quarter worth approximately $212,000. Finally, Magnetar Financial LLC purchased a new stake in Lucid Group during the 3rd quarter valued at $969,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

The business’s 50 day simple moving average is $20.01 and its two-hundred day simple moving average is $22.25. The firm has a market capitalization of $4.19 billion, a PE ratio of -1.21 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 issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The firm had revenue of $336.58 million during the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business’s revenue was up 68.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.76) EPS. Research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

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.