Lucid Group (NASDAQ:LCID) Shares Down 2.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 2.3% during trading on Friday . The stock traded as low as $10.94 and last traded at $11.07. 6,717,437 shares were traded during trading, a decline of 19% from the average session volume of 8,300,678 shares. The stock had previously closed at $11.33.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on LCID shares. Royal Bank Of Canada reduced their target price 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. Robert W. Baird set a $14.00 price objective on Lucid Group in a research note on Tuesday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Trading Down 2.3%

The firm has a 50-day simple moving average of $11.75 and a 200-day simple moving average of $17.85. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.59 billion, a PE ratio of -1.03 and a beta of 0.89.

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

Hedge Funds Weigh In On Lucid Group

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

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.