Lucid Group (NASDAQ:LCID) Shares Down 5% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded down 5% on Wednesday . The company traded as low as $10.84 and last traded at $11.0150. 9,106,659 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 7,552,553 shares. The stock had previously closed at $11.60.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on LCID. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $19.54.

Lucid Group Stock Up 0.8%

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 firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of -1.06 and a beta of 0.89. The stock has a 50 day moving average of $13.04 and a 200 day moving average of $18.91.

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

Institutional Trading of Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL acquired a new position in Lucid Group during the 3rd quarter valued at about $1,361,978,000. Geode Capital Management LLC boosted its position in shares of Lucid Group by 7.4% during the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after buying an additional 1,554,419 shares during the period. Uber Technologies Inc acquired a new stake in Lucid Group in the 3rd quarter valued at approximately $326,283,000. Marshall Wace LLP raised its stake in Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after acquiring an additional 12,146,136 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.