Lucid Group (NASDAQ:LCID) Stock Falls 11.6% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 11.6% on Thursday. The company traded as low as $2.93 and last traded at $2.98. 19,000,184 shares were traded during trading, an increase of 44% from the average daily volume of 13,231,237 shares. The stock had previously closed at $3.37.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LCID. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Morgan Stanley cut their price objective 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. Citigroup cut their price objective on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Royal Bank Of Canada reduced their price objective on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, October 12th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, October 12th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Trading Down 11.6%

The firm has a fifty day simple moving average of $3.93 and a two-hundred day simple moving average of $6.79. The stock has a market cap of $1.17 billion, a PE ratio of -0.22 and a beta of 0.80.

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

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of LCID. Bank of America Corp DE grew its position in 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 acquiring an additional 189,134 shares in the last quarter. Calamos Advisors LLC lifted its stake in Lucid Group by 40.0% in the third quarter. Calamos Advisors LLC now owns 525,000 shares of the company’s stock worth $2,137,000 after purchasing an additional 150,000 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Lucid Group in the second quarter worth $3,125,000. Lazard Asset Management LLC boosted its position in Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after buying an additional 200,604 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Lucid Group during the second quarter valued at about $1,368,000. 75.17% of the stock is currently owned by institutional investors.

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.