Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price fell 0.7% during trading on Tuesday . The company traded as low as $2.67 and last traded at $2.71. 3,069,771 shares were traded during trading, a decline of 90% from the average session volume of 31,109,455 shares. The stock had previously closed at $2.73.
Analyst Ratings Changes
A number of analysts have recently weighed in on the company. Bank of America cut their price objective on Lucid Group from $7.00 to $4.50 and set a "neutral" rating on the stock in a research report on Thursday, February 22nd. Cantor Fitzgerald lowered Lucid Group from a "neutral" rating to an "underweight" rating and cut their price objective for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Morgan Stanley reaffirmed an "underweight" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Tuesday, May 7th. Finally, Citigroup reaffirmed a "neutral" rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $4.24.
Check Out Our Latest Analysis on Lucid Group
Lucid Group Stock Down 2.6 %
The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The company has a market cap of $6.14 billion, a price-to-earnings ratio of -2.09 and a beta of 1.06. The firm's 50 day simple moving average is $2.69 and its 200-day simple moving average is $3.23.
Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same quarter in the prior year, the company earned ($0.43) EPS. The business's revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.16 earnings per share for the current year.
Institutional Investors Weigh In On Lucid Group
Several hedge funds have recently made changes to their positions in LCID. Principal Financial Group Inc. boosted its stake in shares of Lucid Group by 5.5% during the third quarter. Principal Financial Group Inc. now owns 58,547 shares of the company's stock worth $327,000 after buying an additional 3,055 shares during the period. Kestra Private Wealth Services LLC boosted its stake in shares of Lucid Group by 28.7% during the third quarter. Kestra Private Wealth Services LLC now owns 19,575 shares of the company's stock worth $109,000 after buying an additional 4,362 shares during the period. New York Life Investment Management LLC boosted its stake in shares of Lucid Group by 23.1% during the third quarter. New York Life Investment Management LLC now owns 20,583 shares of the company's stock worth $115,000 after buying an additional 3,858 shares during the period. Avantax Advisory Services Inc. lifted its position in Lucid Group by 66.7% in the third quarter. Avantax Advisory Services Inc. now owns 61,337 shares of the company's stock valued at $343,000 after purchasing an additional 24,552 shares during the period. Finally, Amalgamated Bank lifted its position in Lucid Group by 8.2% in the third quarter. Amalgamated Bank now owns 71,949 shares of the company's stock valued at $402,000 after purchasing an additional 5,425 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.
About Lucid Group
(Get Free Report)
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.
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