Lucid Group (NASDAQ:LCID) Stock Price Down 5.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 5.2% on Friday . The stock traded as low as $13.40 and last traded at $13.42. 8,996,615 shares were traded during mid-day trading, a decline of 19% from the average session volume of 11,157,009 shares. The stock had previously closed at $14.15.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LCID. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Morgan Stanley raised their target price on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Stifel Nicolaus lowered 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. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Stock Performance

The firm’s 50 day simple moving average is $17.87 and its 200-day simple moving average is $21.07. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -1.25 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million for the quarter, compared to analyst estimates 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 revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.76) earnings per share. Analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Large investors have recently added to or reduced their stakes in the business. Cigna Investments Inc. New acquired a new stake in shares of Lucid Group in the second quarter worth about $25,000. Valeo Financial Advisors LLC grew its position in Lucid Group by 9.7% during the second 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 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. bought a new position in shares of Lucid Group during the 1st quarter worth about $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its position 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. 75.17% of the stock is owned by 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.