Lucid Group (NASDAQ:LCID) Shares Down 3.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 3.2% during mid-day trading on Monday . The stock traded as low as $4.82 and last traded at $4.85. Approximately 10,782,765 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 13,814,163 shares. The stock had previously closed at $5.01.

Wall Street Analyst Weigh In

Several research firms recently commented on LCID. Evercore set a $6.00 target price on shares of Lucid Group in a research note on Monday, May 11th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. William Blair lowered Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $9.22.

Lucid Group Trading Down 3.2%

The company’s 50-day moving average is $6.27 and its 200 day moving average is $7.35. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The firm has a market cap of $1.91 billion, a PE ratio of -0.35 and a beta of 0.83.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The firm had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The company’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. As a group, sell-side analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently bought and sold shares of the business. Uber Technologies Inc acquired a new position in Lucid Group in the third quarter worth approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after buying an additional 3,465,542 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after buying an additional 701,826 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Lucid Group by 93.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after acquiring an additional 2,167,882 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.