Lucid Group (NASDAQ:LCID) Shares Down 10.8% on Disappointing Earnings

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 10.8% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $2.70 and last traded at $2.72. 13,504,108 shares were traded during mid-day trading, a decline of 59% from the average session volume of 32,964,336 shares. The stock had previously closed at $3.05.

The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The business had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.43) earnings per share.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Citigroup reiterated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.34.

Institutional Trading of Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Vanguard Group Inc. boosted its position in shares of Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares during the last quarter. Norges Bank acquired a new position in Lucid Group during the 4th quarter worth approximately $22,208,000. Finally, Northern Trust Corp lifted its stake in shares of Lucid Group by 13.8% in the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after acquiring an additional 631,728 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Performance

The company has a market cap of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The company has a fifty day moving average of $2.77 and a two-hundred day moving average of $3.49.

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.