Lucid Group (NASDAQ:LCID) Shares Down 2.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 2.1% during trading on Wednesday. The company traded as low as $3.14 and last traded at $3.29. Approximately 16,161,808 shares changed hands during trading, an increase of 21% from the average session volume of 13,355,157 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. UBS Group reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, October 6th. William Blair cut shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a report on Monday. Finally, Royal Bank Of Canada dropped their price objective on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Monday. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $8.89.

Lucid Group Stock Down 2.1%

The stock has a market cap of $1.30 billion, a PE ratio of -0.24 and a beta of 1.00. The firm has a fifty day moving average of $4.83 and a 200 day moving average of $6.01.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The business had revenue of $405.35 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 56.2% on a year-over-year basis. During the same period last year, the firm earned ($0.24) earnings per share. On average, equities research analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Bank of America Corp DE raised its holdings in Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after purchasing an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Lucid Group during the 2nd quarter worth $3,125,000. Lazard Asset Management LLC raised its stake in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after acquiring an additional 200,604 shares in the last quarter. Quantinno Capital Management LP raised its stake in Lucid Group by 246.0% during the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after acquiring an additional 144,089 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Lucid Group in the fourth quarter valued at $1,355,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.