Lucid Group (NASDAQ:LCID) Shares Gap Down Following Weak Earnings

Lucid Group, Inc. (NASDAQ:LCID)’s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $3.05, but opened at $2.80. Lucid Group shares last traded at $2.78, with a volume of 6,713,943 shares.

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

Analyst Ratings Changes

LCID has been the subject of a number of analyst reports. Robert W. Baird cut their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Tuesday. Bank of America lowered their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Stifel Nicolaus cut their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.34.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Lucid Group by 10.2% in 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 purchasing an additional 1,060,588 shares during the period. Invesco Ltd. raised its holdings in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the last quarter. Norges Bank acquired a new position in Lucid Group during the 4th quarter valued at about $22,208,000. Finally, Northern Trust Corp boosted 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 purchasing an additional 631,728 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Performance

The firm’s 50-day moving average price is $2.77 and its 200 day moving average price is $3.49. 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.

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.