Lucid Group (NASDAQ:LCID) Stock Price Down 5.8% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 5.8% during mid-day trading on Monday . The stock traded as low as $11.80 and last traded at $11.81. 7,512,192 shares traded hands during trading, a decline of 32% from the average session volume of 11,065,294 shares. The stock had previously closed at $12.54.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Stifel Nicolaus reduced their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Finally, Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $21.54.

Lucid Group Stock Down 3.4%

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 stock’s 50-day simple moving average is $16.06 and its 200 day simple moving average is $20.26. The firm has a market cap of $3.61 billion, a P/E ratio of -1.04 and a beta of 0.86.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $378.44 million. During the same quarter in the previous year, the company earned ($2.76) EPS. The firm’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. HITE Hedge Asset Management LLC acquired a new stake in Lucid Group in the third quarter worth $212,000. Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group during the 3rd quarter worth about $238,000. Integrity Alliance LLC. acquired a new stake in shares of Lucid Group in the 1st quarter valued at about $27,000. Sapient Capital LLC bought a new stake in Lucid Group in the 3rd quarter valued at about $287,000. Finally, Valeo Financial Advisors LLC raised its stake in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after buying an additional 1,055 shares during the period. 75.17% of the stock is owned by 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.