Lucid Group (NASDAQ:LCID) Stock Price Down 7.3% After Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 7.3% during trading on Thursday after Royal Bank Of Canada lowered their price target on the stock from $20.00 to $14.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $10.03 and last traded at $10.05. Approximately 12,549,625 shares traded hands during trading, an increase of 80% from the average daily volume of 6,988,717 shares. The stock had previously closed at $10.84.

LCID has been the topic of several other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, Stifel Nicolaus lowered their price objective 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. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and an average price target of $18.92.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in shares of Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after purchasing an additional 9,578 shares during the period. AQR Capital Management LLC increased its holdings in Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after buying an additional 254,551 shares during the period. NewEdge Advisors LLC raised its stake in Lucid Group by 103.2% in the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after buying an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after buying an additional 11,252 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Price Performance

The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The firm has a market cap of $3.26 billion, a P/E ratio of -0.94 and a beta of 0.89. The firm has a 50-day simple moving average of $12.54 and a 200-day simple moving average of $18.61.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company 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 revenue was up 68.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($2.76) earnings per share. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Lucid Group Company Profile

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.