Lucid Group (NASDAQ:LCID) Trading Down 3.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) dropped 3.4% during mid-day trading on Friday . The stock traded as low as $11.32 and last traded at $11.41. Approximately 5,970,071 shares were traded during trading, a decline of 45% from the average daily volume of 10,916,421 shares. The stock had previously closed at $11.81.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and decreased their price target for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus cut their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Stock Performance

The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The stock’s 50 day moving average is $14.68 and its 200 day moving average is $19.72. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -1.07 and a beta of 0.86.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. During the same period last year, the company earned ($2.76) EPS. The firm’s revenue for the quarter was up 68.3% on a year-over-year basis. On average, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL acquired a new stake in shares of Lucid Group during the third quarter valued at $1,361,978,000. Uber Technologies Inc acquired a new stake in shares of Lucid Group during the 3rd quarter worth about $326,283,000. Marshall Wace LLP grew its holdings in shares of Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after buying an additional 12,146,136 shares in the last quarter. Norges Bank acquired a new position in shares of Lucid Group in the second quarter valued at approximately $16,469,000. Finally, Linden Advisors LP acquired a new position in shares of Lucid Group in the second quarter valued at approximately $9,885,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

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.