Lucid Group (NASDAQ:LCID) Shares Down 1.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) was down 1.9% on Wednesday . The stock traded as low as $3.94 and last traded at $4.04. Approximately 11,191,655 shares were traded during trading, a decline of 18% from the average session volume of 13,649,813 shares. The stock had previously closed at $4.12.

Analysts Set New Price Targets

A number of research firms have issued reports on LCID. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Finally, William Blair cut shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14. The stock has a market capitalization of $1.59 billion, a P/E ratio of -0.30 and a beta of 0.81. The business has a 50-day moving average price of $5.91 and a 200 day moving average price of $6.88.

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 analysts’ consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm’s quarterly revenue was up 56.2% on a year-over-year basis. During the same period last year, the business earned ($0.24) EPS. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its stake in Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after purchasing an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Lucid Group during the 2nd quarter valued at about $3,125,000. Lazard Asset Management LLC increased its stake in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after purchasing an additional 200,604 shares in the last quarter. Calamos Advisors LLC raised its holdings in Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock worth $2,144,000 after buying an additional 75,000 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Lucid Group in the second quarter worth about $1,368,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.