Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 4.9% during trading on Monday . The company traded as low as $12.39 and last traded at $12.76. 9,443,377 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 11,150,109 shares. The stock had previously closed at $13.42.

Analysts Set New Price Targets

LCID has been the topic of several recent research reports. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their target price for the company from $30.00 to $10.00 in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Finally, Stifel Nicolaus decreased their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average target price of $21.54.

Lucid Group Stock Performance

The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The business has a 50 day moving average price of $16.98 and a 200 day moving average price of $20.65. The stock has a market cap of $4.21 billion, a P/E ratio of -1.21 and a beta of 0.86.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same quarter in the previous year, the firm earned ($2.76) EPS. Lucid Group’s revenue was up 68.3% compared to the same quarter last year. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Cigna Investments Inc. New bought a new stake in Lucid Group during the 2nd quarter valued at about $25,000. Valeo Financial Advisors LLC raised its stake in shares of 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 shares of Lucid Group during the second quarter valued at approximately $26,000. Integrity Alliance LLC. purchased a new stake in shares of Lucid Group in the first quarter valued at approximately $27,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Lucid Group by 111.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock worth $29,000 after purchasing an additional 6,295 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.