Lucid Group (NASDAQ:LCID) Shares Down 9.1% Following Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 9.1% on Monday after Stifel Nicolaus lowered their price target on the stock from $21.00 to $17.00. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $12.57 and last traded at $12.91. 16,036,387 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 11,368,299 shares. The stock had previously closed at $14.20.

LCID has been the topic of a number of other research reports. Cantor Fitzgerald cut their price objective on shares of Lucid Group from $26.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Thursday. Finally, Morgan Stanley increased their price target on Lucid Group to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, September 2nd. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $23.59.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Valeo Financial Advisors LLC lifted its holdings in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after buying an additional 1,055 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Lucid Group by 27.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock valued at $44,000 after acquiring an additional 3,882 shares during the last quarter. Amalgamated Bank raised its position in shares of Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock valued at $117,000 after acquiring an additional 4,720 shares in the last quarter. Heritage Wealth Advisors lifted its stake in Lucid Group by 43.5% during the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after purchasing an additional 5,000 shares during the period. 75.17% of the stock is owned by institutional investors.

Lucid Group Trading Down 9.1%

The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The business’s fifty day simple moving average is $19.90 and its 200 day simple moving average is $22.16. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of -1.21 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million during the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.76) earnings per share. On average, research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

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.