Lucid Group (NASDAQ:LCID) Stock Price Down 2.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 2.7% during trading on Wednesday . The company traded as low as $2.67 and last traded at $2.70. Approximately 17,287,463 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 81,421,320 shares. The stock had previously closed at $2.77.

Analyst Ratings Changes

A number of equities research analysts have commented on LCID shares. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada reduced their price objective 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. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Down 3.4 %

The firm has a market cap of $8.06 billion, a P/E ratio of -2.00 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm’s 50-day simple moving average is $2.71 and its 200 day simple moving average is $3.03.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The company had revenue of $200.04 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm posted ($0.28) EPS. As a group, analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group in the fourth quarter valued at approximately $28,000. First National Corp MA ADV purchased a new position in Lucid Group during the fourth quarter valued at approximately $32,000. Yousif Capital Management LLC purchased a new position in Lucid Group during the fourth quarter valued at approximately $32,000. Sanctuary Advisors LLC purchased a new position in Lucid Group during the second quarter valued at approximately $26,000. Finally, Crumly & Associates Inc. purchased a new position in Lucid Group during the third quarter valued at approximately $38,000. Institutional investors own 75.17% of the company’s stock.

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.