Lucid Group (NASDAQ:LCID) Shares Down 10.8% Following Weak Earnings

Lucid Group, Inc. (NASDAQ:LCID) dropped 10.8% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $2.70 and last traded at $2.72. Approximately 13,504,108 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 32,964,336 shares. The stock had previously closed at $3.05.

The company reported ($0.30) earnings per share 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 firm had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. During the same period in the previous year, the business earned ($0.43) earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Morgan Stanley restated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird dropped their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus decreased their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Citigroup restated a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.34.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System increased its holdings in Lucid Group by 1.0% in the third quarter. Arizona State Retirement System now owns 248,101 shares of the company’s stock valued at $1,387,000 after buying an additional 2,449 shares during the last quarter. M&T Bank Corp boosted its holdings in Lucid Group by 12.8% in the third quarter. M&T Bank Corp now owns 26,770 shares of the company’s stock worth $150,000 after purchasing an additional 3,046 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Lucid Group by 5.5% during the third quarter. Principal Financial Group Inc. now owns 58,547 shares of the company’s stock worth $327,000 after purchasing an additional 3,055 shares during the period. Treasurer of the State of North Carolina grew its position in shares of Lucid Group by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after buying an additional 3,230 shares during the last quarter. Finally, UniSuper Management Pty Ltd grew its holdings in shares of Lucid Group by 127.6% during the third quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after purchasing an additional 3,700 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Down 11.1 %

The firm has a market cap of $6.23 billion, a P/E ratio of -1.94 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The firm has a fifty day moving average of $2.77 and a 200-day moving average of $3.50.

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.