Lucid Group (NASDAQ:LCID) shares fall 10.8% on disappointing earnings

The stock price of Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) fell 10.8% in afternoon trading on Tuesday after a weaker-than-expected earnings announcement. The company traded as low as $2.70 and last traded at $2.72. During afternoon trading, 13,504,108 shares were traded, down 59% from the average session volume of 32,964,336 shares. The stock previously closed at $3.05.

The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) ($0.05). The company had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s revenue for the quarter increased 15.6% compared to the same quarter last year. During the same quarter of the previous year, the company posted earnings per share of ($0.43).

Analysts set new price targets

Several research analysts have weighed in on the company. Stifel Nicolaus cut 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 26. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $6.00 to $4.00 in a report on Thursday, February 22. Bank of America lowered their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22. Finally, Citigroup reiterated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of ‘Hold’ and a consensus target price of $4.34.

Check out our latest stock report on LCID

Lucid Group Institutional Trading

A number of institutional investors have recently changed their holdings of LCID. Vanguard Group Inc. strengthened its position in shares of Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares during the last quarter. Invesco Ltd. increased its stake in shares of Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares last quarter. Norges Bank acquired a new position in Lucid Group during the 4th quarter valued at approximately $22,208,000. Finally, Northern Trust Corp increased its holdings in shares of Lucid Group by 13.8% in the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after acquiring an additional 631,728 shares during the last quarter. 75.17% of the shares are currently held by institutional investors.

Clear stock performance of the group

The company has a market cap of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The company has a fifty day moving average of $2.77 and a two hundred day moving average of $3.49.

About Lucide Group

(Get a 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 for Lucid vehicles in-house. The company sells vehicles directly to consumers through its retail network and direct online sales, including Lucid Financial Services.

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