Lucid Group (NASDAQ:LCID) Shares Down 2.6% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 2.6% on Tuesday. The stock traded as low as $3.23 and last traded at $3.31. 10,830,451 shares were traded during trading, a decline of 18% from the average daily volume of 13,265,601 shares. The stock had previously closed at $3.40.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada dropped their price objective on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday, October 12th. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a report on Monday, October 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, Morgan Stanley dropped their price target on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average price target of $8.67.

Lucid Group Stock Down 2.6%

The company has a market cap of $1.30 billion, a price-to-earnings ratio of -0.24 and a beta of 1.00. The firm has a 50 day moving average price of $4.27 and a two-hundred day moving average price of $7.07.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The company had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s revenue was up 56.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.24) earnings per share. On average, equities analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Bank of America Corp DE increased its position in shares of Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after buying an additional 189,134 shares during the period. Bank of New York Mellon Corp acquired a new position in Lucid Group in the second quarter valued at $3,125,000. Lazard Asset Management LLC lifted its holdings in Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after buying an additional 200,604 shares during the period. Headlands Technologies LLC bought a new stake in Lucid Group during the second quarter valued at $1,368,000. Finally, Quantinno Capital Management LP boosted its position in Lucid Group by 246.0% during the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after acquiring an additional 144,089 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.