Lucid Group (NASDAQ:LCID) Shares to Reverse Split on Tuesday, September 2nd

Lucid Group, Inc. (NASDAQ:LCID) shares are going to reverse split before the market opens on Tuesday, September 2nd. The 1-10 reverse split was announced on Thursday, August 21st. The number of shares owned by shareholders will be adjusted after the market closes on Friday, August 29th.

Lucid Group Stock Down 2.9%

LCID opened at $2.03 on Monday. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. The business has a 50 day simple moving average of $2.35 and a 200-day simple moving average of $2.43. The stock has a market capitalization of $6.24 billion, a P/E ratio of -1.77 and a beta of 0.79. Lucid Group has a 12 month low of $1.93 and a 12 month high of $4.43.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The business had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.29) earnings per share. On average, equities analysts anticipate that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.68.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in Lucid Group by 4.5% during the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company’s stock worth $7,480,000 after buying an additional 132,497 shares in the last quarter. Swiss National Bank increased its position in Lucid Group by 26.9% during the first quarter. Swiss National Bank now owns 2,334,000 shares of the company’s stock worth $5,648,000 after buying an additional 495,000 shares in the last quarter. Vanguard Group Inc. increased 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 worth $268,460,000 after buying an additional 615,108 shares in the last quarter. Vontobel Holding Ltd. increased its position in Lucid Group by 119.5% during the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company’s stock worth $1,289,000 after buying an additional 289,880 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after buying an additional 15,493,320 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.