Lucid Group (NASDAQ:LCID) Sets New 1-Year Low – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) reached a new 52-week low on Tuesday . The stock traded as low as $5.61 and last traded at $5.6160, with a volume of 1168924 shares changing hands. The stock had previously closed at $5.73.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent research reports. TD Cowen lowered their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Robert W. Baird set a $6.00 price objective on shares of Lucid Group in a report on Wednesday, May 6th. Finally, Morgan Stanley set a $5.00 target price on Lucid Group in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Stock Down 1.5%

The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00. The firm has a market cap of $2.20 billion, a P/E ratio of -0.43 and a beta of 0.88. The stock’s 50-day simple moving average is $8.29 and its 200 day simple moving average is $10.74.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). The business had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the business posted ($0.20) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its position in shares of Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after buying an additional 9,578 shares during the period. AQR Capital Management LLC lifted its position in shares of Lucid Group by 89.9% during the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after acquiring an additional 254,551 shares during the period. NewEdge Advisors LLC boosted its stake in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.