Lucid Group (NASDAQ:LCID) Stock Price Down 8.5% After Earnings Miss

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 8.5% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $2.16 and last traded at $2.22. Approximately 48,909,526 shares changed hands during trading, a decline of 59% from the average daily volume of 118,793,234 shares. The stock had previously closed at $2.42.

The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The firm had revenue of $259.43 million during the quarter, compared to analysts’ expectations of $288.10 million. Lucid Group had a negative return on equity of 74.27% and a negative net margin of 259.57%. The business’s revenue was up 29.3% on a year-over-year basis. During the same period last year, the business earned ($0.29) earnings per share.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on LCID shares. Robert W. Baird lifted their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a research report on Monday, April 21st. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.68.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Investment Fund grew its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. grew its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock valued at $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Geode Capital Management LLC lifted its stake in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after acquiring an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of -1.90 and a beta of 0.79. The stock’s 50 day simple moving average is $2.35 and its 200-day simple moving average is $2.49.

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.