Lucid Group (NASDAQ:LCID) Shares Down 3.5% After Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 3.5% on Friday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $10.92 and last traded at $11.0660. Approximately 6,463,938 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 8,653,850 shares. The stock had previously closed at $11.47.

Several other analysts have also weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Stifel Nicolaus reduced their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Finally, Royal Bank Of Canada dropped their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $18.92.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oak Thistle LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at about $278,000. SG Americas Securities LLC raised its position in Lucid Group by 65.9% during the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock valued at $1,915,000 after acquiring an additional 71,966 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in Lucid Group during the third quarter valued at approximately $1,361,978,000. IFP Advisors Inc lifted its holdings in Lucid Group by 315.0% in the third quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock valued at $290,000 after acquiring an additional 9,258 shares during the period. Finally, Dark Forest Capital Management LP purchased a new stake in Lucid Group in the 3rd quarter worth approximately $1,229,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Price Performance

The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of -1.03 and a beta of 0.89. 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 has a 50-day moving average price of $11.87 and a 200 day moving average price of $18.17.

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