Lucid Group (NASDAQ:LCID) Shares Down 6.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 6.2% during mid-day trading on Thursday. The stock traded as low as $3.19 and last traded at $3.20. 9,293,318 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 13,223,773 shares. The stock had previously closed at $3.41.

Analysts Set New Price Targets

A number of equities analysts have recently commented on LCID shares. William Blair downgraded shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Morgan Stanley decreased their price target on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a report on Monday, October 12th. Royal Bank Of Canada cut their price objective on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Monday, October 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Stock Down 5.6%

The company has a market cap of $1.19 billion, a PE ratio of -0.22 and a beta of 1.00. The business’s 50 day moving average price is $4.06 and its 200-day moving average price is $6.91.

Lucid Group (NASDAQ:LCID) last announced its earnings results 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). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million during the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter last year, the company posted ($0.24) earnings per share. Lucid Group’s revenue for the quarter was up 56.2% compared to the same quarter last year. Equities analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

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

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.