Lucid Group (NASDAQ:LCID) Stock Price Down 0.8%

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 0.8% during mid-day trading on Tuesday . The stock traded as low as $2.35 and last traded at $2.41. 5,312,113 shares were traded during trading, a decline of 85% from the average session volume of 35,326,609 shares. The stock had previously closed at $2.43.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Bank of America cut their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Stifel Nicolaus cut their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Robert W. Baird cut their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Morgan Stanley restated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus target price of $4.80.

Lucid Group Trading Up 0.8 %

The company’s fifty day moving average price is $3.00 and its 200 day moving average price is $3.73. 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 announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business’s revenue was down 39.0% compared to the same quarter last year. During the same period last year, the business earned ($0.40) earnings per share. As a group, equities analysts predict that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LCID. US Bancorp DE increased its stake in Lucid Group by 67.6% in the first quarter. US Bancorp DE now owns 14,017 shares of the company’s stock valued at $356,000 after acquiring an additional 5,654 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Lucid Group by 16.3% in the first quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock valued at $482,000 after acquiring an additional 2,661 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Lucid Group in the first quarter valued at approximately $383,000. BlackRock Inc. increased its stake in Lucid Group by 23.7% in the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock valued at $396,842,000 after acquiring an additional 2,990,659 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Lucid Group in the first quarter valued at approximately $400,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

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.