Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price dropped 2% on Friday . The stock traded as low as $2.48 and last traded at $2.49. Approximately 4,204,937 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 30,245,646 shares. The stock had previously closed at $2.54.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on LCID shares. Robert W. Baird cut their target price on 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 reaffirmed an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Cantor Fitzgerald lowered 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. Stifel Nicolaus cut their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus target price of $4.24.
Lucid Group Stock Performance
The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a 50-day simple moving average of $2.68 and a two-hundred day simple moving average of $3.16. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of -1.95 and a beta of 1.06.
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same period in the previous year, the company earned ($0.43) earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of LCID. GAMMA Investing LLC acquired a new position in Lucid Group in 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 bought a new stake in shares of Lucid Group during the 1st quarter worth about $32,000. Heritage Wealth Advisors boosted its stake in shares of Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Summit Trail Advisors LLC bought a new stake in shares of Lucid Group during the 1st quarter worth about $35,000. 75.17% of the stock is owned by institutional investors and hedge funds.
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.