Lucid Group (NASDAQ:LCID) Trading Down 0.4% Following Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) shares fell 0.4% during mid-day trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $4.00 to $3.00. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $2.67 and last traded at $2.70. 5,843,683 shares were traded during trading, a decline of 82% from the average session volume of 32,804,461 shares. The stock had previously closed at $2.71.

A number of other research analysts also recently issued reports on LCID. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday. Citigroup reissued a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Robert W. Baird reduced their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Morgan Stanley reissued an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.24.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. increased 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 worth $18,453,000 after purchasing an additional 546,676 shares during the period. Bank of New York Mellon Corp raised its holdings in Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after acquiring an additional 410,025 shares in the last quarter. Fulton Bank N.A. grew 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 worth $267,000 after acquiring an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Lucid Group by 10.2% in 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 in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Trading Down 0.7 %

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 stock has a market cap of $6.19 billion, a price-to-earnings ratio of -1.93 and a beta of 1.04. The business’s 50 day moving average is $2.75 and its 200 day moving average is $3.47.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same quarter in the previous year, the company posted ($0.43) EPS. The company’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities analysts expect that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

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.