Lucid Group (NASDAQ:LCID) Shares Down 3.6% - Here's What Happened
Lucid Group (NASDAQ:LCID) shares fell 3.6% to $2.57 during mid-day trading, with a trading volume decline of 43%. Analysts have mixed ratings, with two sell, eight hold, and two buy ratings. Bank of America downgraded the stock to 'underperform' with a price target of $1.00. The company reported a loss of $0.24 EPS, missing estimates, and revenue of $235.05 million, below expectations. Institutional investors hold 75.17% of the stock. Lucid Group designs and sells electric vehicles and related technologies.
Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 3.6% during mid-day trading on Friday . The stock traded as low as $2.52 and last traded at $2.57. Approximately 39,776,741 shares traded hands during trading, a decline of 43% from the average daily volume of 69,822,578 shares. The stock had previously closed at $2.66.
Wall Street Analyst Weigh In
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A number of research analysts have recently commented on LCID shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target for the company. Bank of America downgraded Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Finally, Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $2.68.
Get Our Latest Stock Analysis on Lucid Group
Lucid Group Stock Down 3.9%
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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 50 day simple moving average of $2.47 and a 200-day simple moving average of $2.57. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of -1.91 and a beta of 0.88.
Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period in the previous year, the company posted ($0.27) EPS. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.
Institutional Trading of Lucid Group
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Several hedge funds have recently modified their holdings of the company. Sterling Investment Counsel LLC acquired a new position in shares of Lucid Group in the 1st quarter worth approximately $25,000. HB Wealth Management LLC bought a new position in Lucid Group in the 1st quarter valued at $25,000. Grimes & Company Inc. acquired a new position in Lucid Group in the first quarter worth $27,000. Integrity Alliance LLC. bought a new stake in shares of Lucid Group during the first quarter worth $27,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group during the fourth quarter worth $28,000. 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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