Lucid Group (NASDAQ:LCID) Trading Down 4.6%

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 4.6% during mid-day trading on Wednesday . The company traded as low as $3.24 and last traded at $3.31. 10,788,104 shares changed hands during trading, a decline of 66% from the average session volume of 32,103,506 shares. The stock had previously closed at $3.47.

Analysts Set New Price Targets

A number of analysts have commented on the company. Cantor Fitzgerald reissued an “underweight” rating and set a $4.00 price objective on shares of Lucid Group in a report on Monday. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, July 8th. Citigroup reaffirmed a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Finally, Stifel Nicolaus dropped their price target on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.14.

Lucid Group Trading Up 4.3 %

The stock’s fifty day moving average is $2.94 and its two-hundred day moving average is $2.95. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data 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 return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same quarter last year, the business posted ($0.43) EPS. The business’s quarterly revenue was up 15.6% on a year-over-year basis. On average, analysts expect that Lucid Group, Inc. will post -1.17 EPS for the current year.

Institutional Trading of Lucid Group

Large investors have recently added to or reduced their stakes in the stock. Accredited Investors Inc. purchased a new stake in Lucid Group during the second quarter worth about $27,000. GAMMA Investing LLC purchased a new stake in Lucid Group during the fourth quarter worth about $28,000. Meeder Advisory Services Inc. purchased a new stake in Lucid Group during the first quarter worth about $29,000. Norden Group LLC purchased a new position in shares of Lucid Group in the first quarter worth about $32,000. Finally, Heritage Wealth Advisors increased its stake in shares of Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.