Lucid Group (NASDAQ:LCID) Shares Down 1.7% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 1.7% on Tuesday . The company traded as low as $16.16 and last traded at $16.36. 7,288,974 shares changed hands during trading, a decline of 36% from the average session volume of 11,330,228 shares. The stock had previously closed at $16.64.

Analyst Ratings Changes

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

Lucid Group Trading Down 1.7%

The stock has a 50-day moving average of $20.47 and a 200 day moving average of $22.71. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The stock has a market cap of $5.03 billion, a PE ratio of -1.42 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) EPS for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The business had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business’s revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($2.90) earnings per share. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Lucid Group by 27.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock worth $44,000 after buying an additional 3,882 shares during the period. Amalgamated Bank lifted its position in shares of Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock valued at $117,000 after buying an additional 4,720 shares in the last quarter. Heritage Wealth Advisors lifted its position in shares of Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock valued at $35,000 after buying an additional 5,000 shares in the last quarter. Finally, Brown Advisory Inc. grew its stake in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares during the period. 75.17% of the stock is owned by hedge funds and other 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.