Lucid Group (NASDAQ:LCID) Shares Gap Down – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares gapped down before the market opened on Monday . The stock had previously closed at $13.42, but opened at $12.90. Lucid Group shares last traded at $12.66, with a volume of 2,498,546 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LCID. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and cut their price objective for the stock from $30.00 to $10.00 in a report on Monday. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $21.54.

Lucid Group Trading Down 6.4%

The stock has a market capitalization of $4.07 billion, a PE ratio of -1.17 and a beta of 0.86. The stock’s 50 day moving average price is $17.66 and its 200-day moving average price is $20.97. 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) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s quarterly revenue was up 68.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.76) EPS. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. grew its holdings in Lucid Group by 36.4% during the 1st quarter. Federated Hermes Inc. now owns 42,855 shares of the company’s stock valued at $104,000 after buying an additional 11,445 shares in the last quarter. US Bancorp DE boosted its position in shares of Lucid Group by 97.0% during the first quarter. US Bancorp DE now owns 19,374 shares of the company’s stock worth $47,000 after acquiring an additional 9,539 shares during the last quarter. Bank of Nova Scotia grew its stake in Lucid Group by 74.1% during the first quarter. Bank of Nova Scotia now owns 27,116 shares of the company’s stock valued at $66,000 after acquiring an additional 11,542 shares in the last quarter. Blair William & Co. IL increased its holdings in Lucid Group by 50.5% in the 1st quarter. Blair William & Co. IL now owns 16,036 shares of the company’s stock valued at $39,000 after acquiring an additional 5,379 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after purchasing an additional 615,108 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.