Lucid Group (NASDAQ:LCID) Stock Price Down 2.7% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 2.7% during trading on Wednesday . The company traded as low as $2.67 and last traded at $2.70. 17,287,463 shares were traded during mid-day trading, a decline of 79% from the average session volume of 81,421,320 shares. The stock had previously closed at $2.77.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Down 3.4 %

The stock’s 50-day moving average price is $2.71 and its two-hundred day moving average price is $3.03. The stock has a market capitalization of $8.06 billion, a PE ratio of -2.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $200.04 million for the quarter, compared to analysts’ expectations of $199.50 million. During the same period last year, the company posted ($0.28) earnings per share. As a group, analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors have recently bought and sold shares of the company. Pine Valley Investments Ltd Liability Co grew its position in Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after purchasing an additional 3,816 shares during the last quarter. Greenleaf Trust grew its position in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after purchasing an additional 4,604 shares during the last quarter. GAMMA Investing LLC grew its position in Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after purchasing an additional 5,031 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Lucid Group by 3.4% during the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company’s stock valued at $475,000 after acquiring an additional 5,121 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Lucid Group by 12.5% during the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.