Lucid Group (NASDAQ:LCID) Shares Down 6.3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 6.3% during trading on Monday . The company traded as low as $16.47 and last traded at $16.64. 12,143,709 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 11,352,536 shares. The stock had previously closed at $17.75.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lucid Group in a report on Wednesday, October 8th. Cantor Fitzgerald upped their target price on shares of Lucid Group from $20.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Morgan Stanley raised their price target on shares of Lucid Group to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, September 2nd. Finally, Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a report on Friday, August 29th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Lucid Group currently has an average rating of “Reduce” and a consensus price target of $24.24.

Lucid Group Trading Down 6.3%

The stock’s 50-day simple moving average is $20.55 and its two-hundred day simple moving average is $22.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. The firm has a market capitalization of $5.11 billion, a P/E ratio of -1.45 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The firm had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. During the same period in the prior year, the company posted ($2.90) EPS. The company’s quarterly revenue was up 29.3% on a year-over-year basis. Equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. HB Wealth Management LLC bought a new stake in shares of Lucid Group during the first quarter valued at approximately $25,000. Cigna Investments Inc. New purchased a new position in Lucid Group during the second quarter valued at $25,000. Valeo Financial Advisors LLC grew its stake in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares in the last quarter. Tyche Wealth Partners LLC bought a new stake in Lucid Group in the 2nd quarter valued at $26,000. Finally, Integrity Alliance LLC. bought a new position in shares of Lucid Group during the 1st quarter valued at about $27,000. 75.17% of the stock is currently owned by institutional investors.

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.