Lucid Group (NASDAQ:LCID) Shares Down 1.5%

Lucid Group, Inc. (NASDAQ:LCID) traded down 1.5% during mid-day trading on Friday . The company traded as low as $2.61 and last traded at $2.63. 3,817,931 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 29,837,791 shares. The stock had previously closed at $2.67.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Citigroup reissued a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Stifel Nicolaus reduced their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.24.

Lucid Group Trading Down 2.2 %

The firm has a market capitalization of $6.02 billion, a PE ratio of -2.06 and a beta of 1.06. The business has a 50 day moving average price of $2.70 and a 200-day moving average price of $3.08. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period last year, the company posted ($0.43) earnings per share. Analysts expect that Lucid Group, Inc. will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC acquired a new stake in shares of Lucid Group in the 4th quarter worth approximately $28,000. Capital Performance Advisors LLP acquired a new stake in shares of Lucid Group in the 4th quarter worth approximately $43,000. Tyche Wealth Partners LLC acquired a new stake in shares of Lucid Group in the 4th quarter worth approximately $43,000. MGO Private Wealth LLC acquired a new stake in shares of Lucid Group in the 4th quarter worth approximately $43,000. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of Lucid Group in the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.