Lucid Group (NASDAQ:LCID) Shares Gap Down to $3.48

Lucid Group, Inc. (NASDAQ:LCID) shares gapped down before the market opened on Wednesday . The stock had previously closed at $3.48, but opened at $3.34. Lucid Group shares last traded at $3.27, with a volume of 6,718,583 shares.

Analyst Ratings Changes

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

Lucid Group Stock Down 5.7 %

The firm has a market capitalization of $7.57 billion, a P/E ratio of -2.61 and a beta of 1.04. The firm’s 50 day moving average is $2.93 and its two-hundred day moving average is $2.95. 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 data on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period last year, the business earned ($0.43) EPS. Research analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Accredited Investors Inc. acquired a new stake in Lucid Group during the 2nd quarter valued at $27,000. GAMMA Investing LLC acquired a new stake in shares of Lucid Group during the 4th quarter worth about $28,000. Meeder Advisory Services Inc. bought a new stake in shares of Lucid Group during the 1st quarter worth about $29,000. Norden Group LLC acquired a new position in Lucid Group in the 1st quarter valued at about $32,000. Finally, Heritage Wealth Advisors raised its holdings in Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares during the period. 75.17% of the stock is currently owned by institutional investors.

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.