Lucid Group (NASDAQ:LCID) Stock Price Down 1.9% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 1.9% during trading on Friday . The stock traded as low as $2.81 and last traded at $2.84. Approximately 22,206,757 shares changed hands during trading, a decline of 72% from the average daily volume of 79,263,953 shares. The stock had previously closed at $2.89.

Analyst Ratings Changes

LCID has been the topic of several research reports. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Monday, November 11th. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Royal Bank of Canada lowered their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Price Performance

The stock has a 50 day moving average of $2.81 and a 200-day moving average of $3.00. The stock has a market capitalization of $8.52 billion, a P/E ratio of -2.11 and a beta of 0.93. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business posted ($0.28) earnings per share. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. acquired a new position in Lucid Group during the 3rd quarter valued at approximately $3,209,000. Van ECK Associates Corp raised its holdings in shares of Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after buying an additional 633,410 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Lucid Group by 114.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock valued at $3,019,000 after buying an additional 533,973 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in shares of Lucid Group during the fourth quarter valued at $861,000. 75.17% of the stock is owned by hedge funds and other 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.