Lucid Group (NASDAQ:LCID) Trading Down 1.9% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 1.9% on Friday . The company traded as low as $2.81 and last traded at $2.84. Approximately 22,206,757 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 79,263,953 shares. The stock had previously closed at $2.89.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Finally, Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Down 2.1 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company’s fifty day simple moving average is $2.81 and its 200 day simple moving average is $3.00. The firm has a market capitalization of $8.52 billion, a P/E ratio of -2.11 and a beta of 0.93.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $200.04 million during the quarter, compared to analysts’ expectations of $199.50 million. During the same quarter last year, the company posted ($0.28) EPS. Research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Several institutional investors have recently bought and sold shares of LCID. Marathon Trading Investment Management LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $230,000. Callan Family Office LLC purchased a new position in shares of Lucid Group in the 4th quarter worth $33,000. Raymond James Financial Inc. bought a new position in Lucid Group in the fourth quarter valued at about $780,000. Arizona State Retirement System grew its stake in shares of Lucid Group by 1.9% during the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock valued at $818,000 after purchasing an additional 5,022 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $31,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.