Lucid Group (NASDAQ:LCID) Sets New 52-Week Low - What's Next?
Lucid Group's stock hit a new 52-week low at $15.17, closing at $15.2670. Analysts have mixed ratings, with Morgan Stanley setting a target of $30, while others have lower targets. The company reported a quarterly loss, missing estimates, but revenue increased 68.3% year-over-year. Institutional investors hold 75.17% of the stock. Lucid designs and sells EVs and related technology.
Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $15.17 and last traded at $15.2670, with a volume of 7871840 shares traded. The stock had previously closed at $16.59.
Analyst Ratings Changes
- Uber Is Crushing Lyft—And It’s Not Even Close
A number of research firms recently weighed in on LCID. Morgan Stanley upped their target price on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald lowered their price objective on Lucid Group from $26.00 to $21.00 and set a "neutral" rating on the stock in a research note on Thursday, November 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Finally, Stifel Nicolaus set a $2.10 price target on Lucid Group in a research note on Friday, August 29th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of "Reduce" and an average price target of $21.93.
View Our Latest Research Report on Lucid Group
Lucid Group Stock Down 8.6%
- Baidu Teams With Uber and Lyft on Robotaxis—Stock Upside Ahead?
The stock has a market cap of $4.66 billion, a price-to-earnings ratio of -1.42 and a beta of 0.80. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The firm's 50-day simple moving average is $20.11 and its two-hundred day simple moving average is $22.39.
Lucid Group (NASDAQ:LCID - Get Free Report) last released its 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). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. During the same period last year, the business posted ($2.76) earnings per share. The firm's quarterly revenue was up 68.3% on a year-over-year basis. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
- Tesla Teams With Samsung—Will Other Chipmakers Follow?
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $212,000. Magnetar Financial LLC bought a new stake in Lucid Group in the third quarter valued at approximately $969,000. Counterpoint Mutual Funds LLC acquired a new stake in Lucid Group in the third quarter worth $496,000. PNC Financial Services Group Inc. boosted its position in shares of Lucid Group by 112.6% during the third quarter. PNC Financial Services Group Inc. now owns 36,923 shares of the company's stock worth $878,000 after purchasing an additional 19,557 shares in the last quarter. Finally, Caisse Des Depots ET Consignations bought a new position in shares of Lucid Group during the third quarter worth $705,000. Institutional investors own 75.17% of the company's stock.
Lucid Group Company Profile
(Get Free Report)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.
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