Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price was down 4.9% during trading on Friday after Bank of America lowered their price target on the stock from $7.00 to $4.50. Bank of America currently has a neutral rating on the stock. Lucid Group traded as low as $2.89 and last traded at $2.93. Approximately 7,870,392 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 42,306,465 shares. The stock had previously closed at $3.08.
Several other brokerages also recently commented on LCID. Stifel Nicolaus began coverage on Lucid Group in a research note on Thursday, December 7th. They set a “hold” rating and a $5.00 price objective on the stock. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $6.00 to $4.00 in a research note on Thursday. R. F. Lafferty downgraded Lucid Group from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $10.00 to $5.00 in a research note on Wednesday, November 8th. Robert W. Baird dropped their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Needham & Company LLC downgraded Lucid Group from a “buy” rating to a “hold” rating in a research note on Monday, November 27th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus price target of $5.00.
Hedge Funds Weigh In On Lucid Group
A number of large investors have recently added to or reduced their stakes in LCID. 1832 Asset Management L.P. bought a new position in shares of Lucid Group in the 1st quarter valued at about $25,000. First Manhattan Co. grew its holdings in shares of Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Quent Capital LLC grew its holdings in shares of Lucid Group by 184.6% in the 3rd quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock valued at $25,000 after acquiring an additional 2,907 shares in the last quarter. Itau Unibanco Holding S.A. grew its holdings in shares of Lucid Group by 283.3% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock valued at $34,000 after acquiring an additional 3,671 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel grew its holdings in shares of Lucid Group by 84.0% in the 2nd quarter. Psagot Value Holdings Ltd. Israel now owns 5,251 shares of the company’s stock valued at $36,000 after acquiring an additional 2,397 shares in the last quarter.
Lucid Group Price Performance
The company has a market cap of $6.73 billion, a P/E ratio of -2.19 and a beta of 1.07. The company has a fifty day moving average price of $3.59 and a two-hundred day moving average price of $4.61. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.42 and a current ratio of 5.19.
Lucid Group (NASDAQ:LCID – Get Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 56.58%. The company had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. During the same quarter in the previous year, the business earned ($0.40) EPS. Lucid Group’s revenue was down 39.0% on a year-over-year basis. On average, sell-side analysts anticipate that Lucid Group, Inc. will post -1.04 earnings per share for the current fiscal year.
Lucid Group Company Profile
Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.