Lucid Group (NASDAQ:LCID) Trading Down 4.9% After Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 4.9% on Thursday after Citigroup lowered their price target on the stock from $14.00 to $11.00. Citigroup currently has a buy rating on the stock. Lucid Group traded as low as $5.60 and last traded at $5.63. 17,285,598 shares were traded during mid-day trading, an increase of 25% from the average session volume of 13,810,040 shares. The stock had previously closed at $5.92.

Several other research analysts also recently commented on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Robert W. Baird set a $6.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Benchmark cut shares of Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. 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 data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $9.22.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC grew its position in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after acquiring an additional 2,740 shares in the last quarter. Brown Advisory Inc. grew its holdings in Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares during the last quarter. Jump Financial LLC purchased a new stake in Lucid Group in the 2nd quarter worth about $41,000. Worldquant Millennium Advisors LLC purchased a new stake in Lucid Group in the 2nd quarter worth about $59,000. Finally, Leonteq Securities AG bought a new stake in Lucid Group in the fourth quarter worth about $67,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Trading Down 4.9%

The company’s 50 day simple moving average is $6.26 and its 200-day simple moving average is $7.61. The firm has a market cap of $2.22 billion, a P/E ratio of -0.41 and a beta of 0.83. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results 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 company had revenue of $405.35 million during the quarter, compared to analysts’ expectations of $381.59 million. During the same period in the prior year, the business earned ($0.24) EPS. The company’s quarterly revenue was up 56.2% on a year-over-year basis. As a group, research analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

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.