Lucid Group (NASDAQ:LCID) Stock Price Down 2.8%

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 2.8% during mid-day trading on Monday . The stock traded as low as $2.41 and last traded at $2.42. Approximately 5,655,744 shares changed hands during trading, a decline of 84% from the average daily volume of 35,548,340 shares. The stock had previously closed at $2.49.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on LCID shares. Morgan Stanley reissued an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Stifel Nicolaus lowered their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Finally, Robert W. Baird lowered their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $4.80.

Lucid Group Stock Performance

The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $3.02 and a two-hundred day moving average price of $3.74.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The company had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The firm’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.40) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mariner LLC grew its holdings in Lucid Group by 6.9% in the 1st quarter. Mariner LLC now owns 15,231 shares of the company’s stock worth $387,000 after buying an additional 987 shares in the last quarter. 1832 Asset Management L.P. bought a new position in Lucid Group in the 1st quarter worth approximately $25,000. First Manhattan Co. grew its holdings in Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Moors & Cabot Inc. grew its holdings in Lucid Group by 9.6% in the 1st quarter. Moors & Cabot Inc. now owns 15,971 shares of the company’s stock worth $406,000 after buying an additional 1,395 shares in the last quarter. Finally, Vident Investment Advisory LLC grew its holdings in Lucid Group by 2.3% in the 4th quarter. Vident Investment Advisory LLC now owns 75,195 shares of the company’s stock worth $514,000 after buying an additional 1,686 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.