Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) traded down 0.4% during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $4.00 to $3.00. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $2.67 and last traded at $2.70. 5,843,683 shares changed hands during trading, a decline of 82% from the average session volume of 32,804,461 shares. The stock had previously closed at $2.71.
Other analysts have also issued research reports about the stock. Robert W. Baird cut their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Morgan Stanley restated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Citigroup reissued a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday. Finally, Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.24.
Institutional Investors Weigh In On Lucid Group
Several hedge funds and other institutional investors have recently modified their holdings of LCID. UniSuper Management Pty Ltd raised its holdings in shares of Lucid Group by 127.6% in the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after acquiring an additional 3,700 shares during the last quarter. GAMMA Investing LLC bought a new stake in Lucid Group during the fourth quarter valued at $28,000. Banque Cantonale Vaudoise purchased a new position in Lucid Group during the third quarter worth about $38,000. China Universal Asset Management Co. Ltd. increased its stake in Lucid Group by 309.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock worth $47,000 after acquiring an additional 6,398 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Lucid Group in the 4th quarter valued at about $43,000. Institutional investors own 75.17% of the company’s stock.
Lucid Group Trading Down 0.4 %
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 stock has a market cap of $6.21 billion, a P/E ratio of -1.93 and a beta of 1.04. The stock has a 50-day moving average price of $2.75 and a 200-day moving average price of $3.47.
Lucid Group (NASDAQ:LCID – Get Free Report) last announced its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.43) earnings per share. On average, equities research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.
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.