Lucid Group (NASDAQ:LCID) Shares Down 2.4% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares fell 2.4% during mid-day trading on Tuesday . The company traded as low as $2.64 and last traded at $2.69. 18,977,147 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 82,284,906 shares. The stock had previously closed at $2.75.

Wall Street Analyst Weigh In

LCID has been the subject of several research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. 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 on the stock in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Trading Up 1.9 %

The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of -2.03 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business’s 50-day moving average price is $2.73 and its two-hundred day moving average price is $3.03.

Lucid Group (NASDAQ:LCID) last released its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share 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 the consensus estimate of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same quarter in the previous year, the company posted ($0.28) earnings per share. Research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% during the 3rd 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 during the period. Point72 Italy S.r.l. bought a new stake in Lucid Group during the third quarter worth $3,209,000. Van ECK Associates Corp boosted its holdings in shares of Lucid Group by 103.3% in the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock valued at $3,764,000 after purchasing an additional 633,410 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in shares of Lucid Group during the 4th quarter worth $861,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after buying an additional 249,500 shares during the last quarter. 75.17% of the stock is currently 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.