Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 2.5% during mid-day trading on Wednesday . The stock traded as low as $2.84 and last traded at $2.89. Approximately 53,700,952 shares were traded during trading, a decline of 22% from the average daily volume of 68,988,062 shares. The stock had previously closed at $2.96.
Analyst Ratings Changes
Several equities research analysts recently issued reports on LCID shares. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Stifel Nicolaus lowered their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Benchmark reaffirmed a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $2.68.
Get Our Latest Research Report on LCID
Lucid Group Trading Down 3.8%
The company's 50 day moving average price is $2.48 and its 200 day moving average price is $2.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market cap of $7.81 billion, a PE ratio of -1.91 and a beta of 0.88.
Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. During the same period in the previous year, the business posted ($0.27) EPS. The company's revenue for the quarter was up 36.1% compared to the same quarter last year. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Public Investment Fund lifted its stake in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after acquiring an additional 615,108 shares during the last quarter. Geode Capital Management LLC lifted its stake in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after acquiring an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.
Lucid Group Company Profile
(
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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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