Lucid Group (NASDAQ:LCID) Trading Down 1.2%

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 1.2% during trading on Tuesday . The stock traded as low as $3.41 and last traded at $3.42. Approximately 4,868,187 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 32,048,018 shares. The stock had previously closed at $3.46.

Wall Street Analyst Weigh In

LCID has been the subject of several recent analyst reports. Stifel Nicolaus decreased their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Citigroup reaffirmed a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, July 8th. Finally, Cantor Fitzgerald reiterated an “underweight” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Monday, July 22nd. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $4.14.

Lucid Group Stock Down 0.6 %

The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of -2.69 and a beta of 1.04. The business has a 50 day moving average of $2.97 and a 200 day moving average of $2.94. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12.

Lucid Group (NASDAQ:LCID) last announced its quarterly 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 441.29% and a negative return on equity of 53.53%. The firm had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. During the same period in the prior year, the business earned ($0.43) earnings per share. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its position in shares of Lucid Group by 6.0% in the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after acquiring an additional 3,715 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Lucid Group by 58.9% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,447 shares of the company’s stock worth $40,000 after acquiring an additional 5,725 shares in the last quarter. Accredited Investors Inc. bought a new position in Lucid Group in the second quarter valued at approximately $27,000. Finally, ORG Partners LLC acquired a new position in Lucid Group during the second quarter valued at approximately $83,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.