Lucid Group (NASDAQ:LCID) Stock Price Down 2.5% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 2.5% during trading on Tuesday . The company traded as low as $11.20 and last traded at $11.52. 7,717,525 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 11,051,811 shares. The stock had previously closed at $11.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Stifel Nicolaus decreased their price objective 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, Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the company from $30.00 to $10.00 in a report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $21.54.

Lucid Group Price Performance

The company has a market cap of $3.73 billion, a price-to-earnings ratio of -1.08 and a beta of 0.87. The company has a 50-day simple moving average of $16.27 and a 200-day simple moving average of $20.37. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Lucid Group (NASDAQ:LCID) last posted its quarterly 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 business had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. During the same period in the prior year, the business earned ($2.76) earnings per share. The firm’s quarterly revenue was up 68.3% compared to the same quarter last year. As a group, research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in LCID. Cigna Investments Inc. New purchased a new stake in shares of Lucid Group during the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group in the second quarter valued at $26,000. Integrity Alliance LLC. purchased a new position in shares of Lucid Group in the first quarter valued at $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock worth $29,000 after buying an additional 6,295 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.