Lucid Group (NASDAQ:LCID) Trading Down 7.6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 7.6% on Monday . The stock traded as low as $5.08 and last traded at $5.09. Approximately 10,181,239 shares were traded during trading, a decline of 26% from the average session volume of 13,768,131 shares. The stock had previously closed at $5.51.

Analyst Ratings Changes

Several research firms recently commented on LCID. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Robert W. Baird set a $6.00 target price on Lucid Group in a research report on Wednesday, May 6th. Finally, Citigroup reduced their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $9.22.

Lucid Group Price Performance

The company has a market capitalization of $2.01 billion, a P/E ratio of -0.37 and a beta of 0.83. The company has a fifty day moving average price of $6.28 and a 200 day moving average price of $7.54. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.24) earnings per share. On average, sell-side analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after acquiring an additional 2,740 shares during the last quarter. Leonteq Securities AG bought a new stake in Lucid Group in the 4th quarter valued at about $67,000. Nykredit A S acquired a new position in Lucid Group during the 2nd quarter valued at about $47,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $77,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Lucid Group in the 4th quarter valued at approximately $86,000. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

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.