Lucid Group (NASDAQ:LCID) Shares Down 1.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded down 1.4% during trading on Monday . The stock traded as low as $4.03 and last traded at $4.16. 15,833,140 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 13,667,281 shares. The stock had previously closed at $4.22.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on LCID. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Citigroup decreased their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, William Blair downgraded Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $9.22.

Lucid Group Price Performance

The company has a market capitalization of $1.64 billion, a P/E ratio of -0.30 and a beta of 0.81. The business’s 50-day simple moving average is $6.00 and its 200 day simple moving average is $6.96. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

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

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its position in shares of Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock valued at $217,000 after purchasing an additional 8,347 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Lucid Group in the 2nd quarter worth $694,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Lucid Group in the second quarter valued at $129,000. IFP Advisors Inc lifted its holdings in shares of Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after buying an additional 3,497 shares during the period. Finally, Allworth Financial LP boosted its stake in Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after buying an additional 2,864 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.