Lucid Group (NASDAQ:LCID) Trading Down 3.4% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 3.4% on Friday . The stock traded as low as $11.32 and last traded at $11.41. Approximately 5,970,071 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 10,916,421 shares. The stock had previously closed at $11.81.

Analyst Ratings Changes

LCID has been the subject of several analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 22nd. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and an average target price of $21.54.

Lucid Group Stock Performance

The stock has a market cap of $3.70 billion, a P/E ratio of -1.07 and a beta of 0.86. 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 stock’s 50 day simple moving average is $14.51 and its two-hundred day simple moving average is $19.65.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data 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 analyst estimates of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. Lucid Group’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter last year, the business earned ($2.76) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Tudor Investment Corp ET AL acquired a new stake in Lucid Group in the 3rd quarter worth about $1,361,978,000. Geode Capital Management LLC grew its position in Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after acquiring an additional 1,554,419 shares during the last quarter. Uber Technologies Inc acquired a new stake in Lucid Group in the third quarter valued at approximately $326,283,000. Marshall Wace LLP grew its position in Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after buying an additional 3,465,542 shares during the period. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.