Lucid Group (NASDAQ:LCID) Stock Falls 1.8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 1.8% during trading on Wednesday. The stock traded as low as $3.20 and last traded at $3.21. Approximately 10,637,666 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 13,324,244 shares. The stock had previously closed at $3.27.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Citigroup decreased their price objective on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. William Blair cut shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Finally, Royal Bank Of Canada cut their target price on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, October 12th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $8.67.

Lucid Group Stock Performance

The firm’s fifty day moving average is $4.48 and its 200-day moving average is $5.79. The company has a market capitalization of $1.26 billion, a P/E ratio of -0.23 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. During the same period in the previous year, the company earned ($0.24) EPS. Lucid Group’s revenue for the quarter was up 56.2% on a year-over-year basis. As a group, analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in shares of Lucid Group by 1,231.3% during the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after acquiring an additional 3,497 shares in the last quarter. Allworth Financial LP increased its holdings in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after purchasing an additional 2,864 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares in the last quarter. Nykredit A S bought a new position in Lucid Group in the second quarter valued at about $47,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Lucid Group in the fourth quarter valued at about $77,000. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.