Lucid Group (NASDAQ:LCID) Stock Price Down 2.7% - Here's Why

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

Wall Street Analyst Weigh In

LCID has been the subject of a number of analyst reports. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada lowered their price objective on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $3.04.

Lucid Group Stock Up 1.4 %

The stock has a fifty day moving average price of $2.77 and a 200 day moving average price of $3.00. The stock has a market capitalization of $8.43 billion, a P/E ratio of -2.09 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

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Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $200.04 million during the quarter, compared to analysts' expectations of $199.50 million. During the same period last year, the firm posted ($0.28) earnings per share. On average, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group in the 2nd quarter worth about $26,000. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group in the fourth quarter worth about $28,000. First National Corp MA ADV bought a new position in Lucid Group in the fourth quarter worth about $32,000. Yousif Capital Management LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $32,000. Finally, Wedge Capital Management L L P NC acquired a new stake in Lucid Group in the fourth quarter worth approximately $33,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.