Lucid Group (NASDAQ:LCID) Shares Down 0.4%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 0.4% during trading on Tuesday . The stock traded as low as $2.52 and last traded at $2.55. Approximately 2,549,732 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 30,024,721 shares. The stock had previously closed at $2.56.

Analyst Ratings Changes

Several equities research analysts have recently commented on LCID shares. Citigroup reaffirmed a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Stifel Nicolaus dropped their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. 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.com, the company presently has an average rating of “Hold” and a consensus price target of $4.24.

Lucid Group Price Performance

The business’s 50-day moving average is $2.69 and its 200-day moving average is $3.10. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company’s revenue was up 15.6% on a year-over-year basis. During the same period last year, the business earned ($0.43) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after buying an additional 489,187 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after buying an additional 1,060,588 shares during the last quarter. Invesco Ltd. raised its holdings in Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after buying an additional 1,763,443 shares during the last quarter. Norges Bank purchased a new position in Lucid Group in the fourth quarter worth about $22,208,000. Finally, Northern Trust Corp raised its holdings in Lucid Group by 13.8% in the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after buying an additional 631,728 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.