Lucid Group (NASDAQ:LCID) Stock Price Down 1.6%

Lucid Group, Inc. (NASDAQ:LCID) dropped 1.6% during mid-day trading on Thursday . The stock traded as low as $2.50 and last traded at $2.53. Approximately 3,686,155 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 30,392,705 shares. The stock had previously closed at $2.57.

Analyst Ratings Changes

LCID has been the topic of several recent research reports. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Finally, Citigroup reissued a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research note on Monday, April 22nd. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Down 2.0 %

The firm’s 50-day moving average price is $2.68 and its 200-day moving average price is $3.16. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) 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 business 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) EPS. Lucid Group’s revenue was up 15.6% on a year-over-year basis. Research analysts anticipate that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. grew its holdings in Lucid Group by 19.8% during the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after purchasing an additional 546,676 shares in the last quarter. Fulton Bank N.A. grew its holdings in Lucid Group by 46.5% during the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after acquiring an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after acquiring an additional 195,519 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares in the last quarter. 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.