Lucid Group (NASDAQ:LCID) Shares Gap Down to $2.38

Lucid Group, Inc. (NASDAQ:LCID)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $2.38, but opened at $2.31. Lucid Group shares last traded at $2.40, with a volume of 4,209,419 shares trading hands.

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Stifel Nicolaus lowered their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Citigroup reissued a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday. Bank of America lowered their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Robert W. Baird lowered their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Morgan Stanley reissued an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $4.34.

Lucid Group Stock Up 2.9 %

The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The firm’s 50 day moving average is $2.93 and its two-hundred day moving average is $3.66. The firm has a market capitalization of $5.64 billion, a P/E ratio of -1.73 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm 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 business posted ($0.40) earnings per share. Lucid Group’s quarterly revenue was down 39.0% compared to the same quarter last year. Research analysts predict that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the business. Alps Advisors Inc. lifted its holdings in Lucid Group by 19.8% during the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after purchasing an additional 546,676 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Lucid Group by 10.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after purchasing an additional 410,025 shares during the last quarter. Fulton Bank N.A. lifted its holdings in Lucid Group by 46.5% during the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after purchasing an additional 20,168 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after purchasing an additional 1,060,588 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after buying an additional 1,763,443 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.