Lucid Group (NASDAQ:LCID) Shares Down 3.6% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 3.6% during mid-day trading on Friday . The stock traded as low as $2.52 and last traded at $2.57. Approximately 39,776,741 shares traded hands during trading, a decline of 43% from the average daily volume of 69,822,578 shares. The stock had previously closed at $2.66.Wall Street Analyst Weigh InTesla Market Sentiment Sours: Here Are the EV WinnersA number of research analysts have recently commented on LCID shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target for the company. Bank of America downgraded Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Finally, Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $2.68.Get Our Latest Stock Analysis on Lucid GroupLucid Group Stock Down 3.9%Lucid’s Stock Comeback—Is a Long-Term Recovery Ahead?The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50 day simple moving average of $2.47 and a 200-day simple moving average of $2.57. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of -1.91 and a beta of 0.88. Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period in the previous year, the company posted ($0.27) EPS. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year. Institutional Trading of Lucid Group4 EV Stocks Facing Uncertainty—Which Ones Will Survive?Several hedge funds have recently modified their holdings of the company. Sterling Investment Counsel LLC acquired a new position in shares of Lucid Group in the 1st quarter worth approximately $25,000. HB Wealth Management LLC bought a new position in Lucid Group in the 1st quarter valued at $25,000. Grimes & Company Inc. acquired a new position in Lucid Group in the first quarter worth $27,000. Integrity Alliance LLC. bought a new stake in shares of Lucid Group during the first quarter worth $27,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group during the fourth quarter worth $28,000. Institutional investors and hedge funds own 75.17% of the company's stock. 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.See AlsoFive stocks we like better than Lucid GroupAsset Allocation: The Key to a Successful Portfolio. Are You Paying Attention to Yours?Pfizer's 7.5% Dividend: Income Haven or House of Cards?Using the MarketBeat Dividend Yield Calculator3 Trades Members of Congress Are Making Right NowProcter & Gamble NYSE: PG Pulls Back After Shaky GuidanceTJX Stock Price Stumble Is Your Chance to Pick Up a BargainThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Lucid Group Right Now?Before you consider Lucid Group, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lucid Group wasn't on the list.While Lucid Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here