Lucid Group (NASDAQ:LCID) Shares Down 6.4% - What's Next?
Lucid Group (NASDAQ:LCID) shares fell 6.4% to $14.20, with analysts offering mixed ratings. Cantor Fitzgerald lowered its price target to $21, while Morgan Stanley raised it to $30. The company reported a Q3 loss of $2.65 per share, missing estimates. Institutional investors have adjusted their holdings, with 75.17% of shares owned by them. Lucid designs and sells electric vehicles and related technology.
Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 6.4% on Friday . The company traded as low as $14.19 and last traded at $14.20. 11,306,857 shares changed hands during trading, a decline of 0% from the average session volume of 11,346,514 shares. The stock had previously closed at $15.17.
Analyst Upgrades and Downgrades
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A number of research analysts recently issued reports on LCID shares. Cantor Fitzgerald cut their price objective on Lucid Group from $26.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, November 6th. Morgan Stanley increased their price objective on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research report on Friday, August 29th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a report on Thursday. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $21.93.
Check Out Our Latest Stock Report on Lucid Group
Lucid Group Price Performance
- Baidu Teams With Uber and Lyft on Robotaxis—Stock Upside Ahead?
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 has a fifty day simple moving average of $20.09 and a two-hundred day simple moving average of $22.33. The firm has a market cap of $4.36 billion, a PE ratio of -1.33 and a beta of 0.80.
Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $378.44 million. During the same quarter in the prior year, the company posted ($2.76) earnings per share. The firm's revenue was up 68.3% compared to the same quarter last year. Equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.
Institutional Investors Weigh In On Lucid Group
- Tesla Teams With Samsung—Will Other Chipmakers Follow?
Hedge funds and other institutional investors have recently modified their holdings of the business. HITE Hedge Asset Management LLC bought a new stake in shares of Lucid Group during the third quarter worth $212,000. Magnetar Financial LLC bought a new stake in Lucid Group during the third quarter valued at about $969,000. Counterpoint Mutual Funds LLC purchased a new position in Lucid Group in the third quarter valued at about $496,000. PNC Financial Services Group Inc. lifted its position in Lucid Group by 112.6% during the third quarter. PNC Financial Services Group Inc. now owns 36,923 shares of the company's stock valued at $878,000 after acquiring an additional 19,557 shares during the last quarter. Finally, Caisse Des Depots ET Consignations acquired a new position in Lucid Group during the 3rd quarter valued at approximately $705,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.
About Lucid Group
(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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