Lucid Group (NASDAQ:LCID) Stock Price Down 1.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded down 1.4% during trading on Friday. The company traded as low as $4.08 and last traded at $4.13. Approximately 7,663,954 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 13,456,153 shares. The stock had previously closed at $4.19.

Analyst Ratings Changes

Several equities analysts have recently weighed in on LCID shares. William Blair downgraded Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, September 21st. Citigroup decreased their target price on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Finally, Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Price Performance

The stock has a market cap of $1.63 billion, a PE ratio of -0.30 and a beta of 1.00. The company has a 50 day moving average price of $5.41 and a two-hundred day moving average price of $6.37.

Lucid Group (NASDAQ:LCID) last released 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 business had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. During the same period last year, the business earned ($0.24) earnings per share. The company’s quarterly revenue was up 56.2% on a year-over-year basis. As a group, equities analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of large investors have recently made changes to their positions in LCID. HBK Investments L P lifted its position in Lucid Group by 217.9% during the second quarter. HBK Investments L P now owns 33,070 shares of the company’s stock valued at $221,000 after purchasing an additional 22,667 shares during the period. Tidal Investments LLC grew its position in Lucid Group by 34.6% in the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock worth $217,000 after purchasing an additional 8,347 shares during the period. Engineers Gate Manager LP bought a new stake in Lucid Group in the 2nd quarter worth approximately $694,000. Integrated Wealth Concepts LLC purchased a new stake in Lucid Group during the 2nd quarter valued at $129,000. Finally, IFP Advisors Inc raised its stake in 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 buying an additional 3,497 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

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

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.