Lucid Group (NASDAQ:LCID) Stock Price Down 2.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were down 2.7% on Wednesday . The stock traded as low as $2.67 and last traded at $2.70. Approximately 17,287,463 shares changed hands during trading, a decline of 79% from the average daily volume of 81,421,320 shares. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on LCID shares. Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Stock Performance

The stock has a market cap of $8.31 billion, a PE ratio of -2.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50 day moving average of $2.74 and a two-hundred day moving average of $3.03.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The company had revenue of $200.04 million for the quarter, compared to analysts’ expectations of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same quarter in the prior year, the firm posted ($0.28) EPS. Research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter valued at about $26,000. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. First National Corp MA ADV acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $32,000. Yousif Capital Management LLC purchased a new position in shares of Lucid Group during the fourth quarter worth approximately $32,000. Finally, Wedge Capital Management L L P NC acquired a new position in shares of Lucid Group in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.