Lucid Group (NASDAQ:LCID) Shares Down 3.5%

Lucid Group, Inc. (NASDAQ:LCID) traded down 3.5% on Monday . The company traded as low as $2.81 and last traded at $3.01. 11,332,493 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 31,957,164 shares. The stock had previously closed at $3.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Stifel Nicolaus reduced their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Citigroup restated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Finally, Cantor Fitzgerald restated an “underweight” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $4.14.

Lucid Group Price Performance

The business has a 50-day simple moving average of $3.01 and a two-hundred day simple moving average of $2.96. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of -2.37 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The firm had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same quarter last year, the company earned ($0.43) EPS. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, research analysts predict that Lucid Group, Inc. will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently made changes to their positions in LCID. Accredited Investors Inc. acquired a new stake in Lucid Group during the second quarter valued at approximately $27,000. GAMMA Investing LLC bought a new stake in shares of Lucid Group during the 4th quarter worth $28,000. Meeder Advisory Services Inc. bought a new stake in shares of Lucid Group during the 1st quarter worth $29,000. Norden Group LLC acquired a new position in shares of Lucid Group in the 1st quarter worth $32,000. Finally, Heritage Wealth Advisors raised its position in shares of Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the period. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.