Lucid Group (NASDAQ:LCID) Stock Falls 4.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares fell 4.2% during trading on Monday. The stock traded as low as $3.87 and last traded at $3.90. 10,153,900 shares were traded during trading, a decline of 25% from the average daily volume of 13,556,435 shares. The stock had previously closed at $4.07.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research note on Monday, September 21st. Citigroup dropped their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Price Performance

The stock has a market cap of $1.54 billion, a P/E ratio of -0.28 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The company’s 50 day simple moving average is $5.64 and its 200 day simple moving average is $6.54.

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 during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.24) EPS. As a group, equities analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

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

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.