Lucid Group (NASDAQ:LCID) Shares Gap Down to $2.38

Shares of Lucid Group, Inc. (NASDAQ:LCID) gapped down before the market opened on Tuesday . The stock had previously closed at $2.38, but opened at $2.31. Lucid Group shares last traded at $2.40, with a volume of 4,209,419 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on LCID shares. Morgan Stanley reissued an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Citigroup reissued a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research report on Monday. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Stifel Nicolaus dropped their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Finally, Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Three 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.com, the company has an average rating of “Hold” and a consensus target price of $4.34.

Lucid Group Price Performance

The firm has a fifty day moving average price of $2.90 and a two-hundred day moving average price of $3.63. The stock has a market capitalization of $5.87 billion, a P/E ratio of -1.82 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s quarterly revenue was down 39.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) earnings per share. As a group, analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. UniSuper Management Pty Ltd increased its stake in shares of Lucid Group by 127.6% in the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after purchasing an additional 3,700 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Lucid Group in the 4th quarter worth $28,000. Banque Cantonale Vaudoise purchased a new stake in Lucid Group in the 3rd quarter worth $38,000. China Universal Asset Management Co. Ltd. increased its stake in Lucid Group by 309.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock worth $47,000 after buying an additional 6,398 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Lucid Group in the 4th quarter worth $43,000. 75.17% of the stock is owned by institutional investors.

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.