Lucid Group (NASDAQ:LCID) Shares Gap Down to $3.48

Lucid Group, Inc. (NASDAQ:LCID) shares gapped down before the market opened on Wednesday . The stock had previously closed at $3.48, but opened at $3.34. Lucid Group shares last traded at $3.27, with a volume of 6,718,583 shares changing hands.

Wall Street Analyst Weigh In

LCID has been the topic of several research analyst reports. Cantor Fitzgerald restated an “underweight” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, July 8th. Stifel Nicolaus cut their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Finally, Citigroup reiterated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.14.

Lucid Group Stock Down 5.7 %

The company has a market capitalization of $7.57 billion, a P/E ratio of -2.61 and a beta of 1.04. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The stock’s fifty day moving average is $2.93 and its 200 day moving average is $2.95.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same quarter in the prior year, the firm earned ($0.43) EPS. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. Research analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Lucid Group by 58.9% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,447 shares of the company’s stock valued at $40,000 after buying an additional 5,725 shares during the period. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the 2nd quarter valued at approximately $27,000. ORG Partners LLC bought a new stake in shares of Lucid Group during the second quarter valued at approximately $83,000. Dynamic Advisor Solutions LLC boosted its position in shares of Lucid Group by 92.5% during the second quarter. Dynamic Advisor Solutions LLC now owns 21,137 shares of the company’s stock valued at $55,000 after purchasing an additional 10,157 shares in the last quarter. Finally, QRG Capital Management Inc. bought a new position in Lucid Group in the second quarter worth $34,000. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.