Lucid Group (NASDAQ:LCID) Stock Price Down 3.1%

Lucid Group, Inc. (NASDAQ:LCID) shares fell 3.1% during trading on Tuesday . The stock traded as low as $2.81 and last traded at $2.83. 15,272,948 shares were traded during mid-day trading, a decline of 60% from the average session volume of 38,338,316 shares. The stock had previously closed at $2.92.

Analysts Set New Price Targets

Several research firms have recently commented on LCID. Stifel Nicolaus decreased their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, February 26th. Morgan Stanley restated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Bank of America reduced their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Robert W. Baird reduced their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus target price of $4.80.

Lucid Group Trading Up 7.6 %

The company has a 50-day simple moving average of $3.14 and a two-hundred day simple moving average of $4.04. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. During the same period in the prior year, the firm earned ($0.40) earnings per share. The business’s revenue for the quarter was down 39.0% compared to the same quarter last year. As a group, analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the stock. Mariner LLC increased its stake in shares of Lucid Group by 6.9% in the 1st quarter. Mariner LLC now owns 15,231 shares of the company’s stock worth $387,000 after purchasing an additional 987 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in Lucid Group in the 1st quarter worth $25,000. First Manhattan Co. increased its stake in Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Moors & Cabot Inc. increased its stake in Lucid Group by 9.6% in the 1st quarter. Moors & Cabot Inc. now owns 15,971 shares of the company’s stock worth $406,000 after buying an additional 1,395 shares in the last quarter. Finally, Vident Investment Advisory LLC increased its stake in Lucid Group by 2.3% in the 4th quarter. Vident Investment Advisory LLC now owns 75,195 shares of the company’s stock worth $514,000 after buying an additional 1,686 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.