Lucid Group (NASDAQ:LCID) Trading Down 3.6%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 3.6% during mid-day trading on Monday . The company traded as low as $3.79 and last traded at $3.80. 5,917,354 shares were traded during mid-day trading, a decline of 82% from the average session volume of 32,773,281 shares. The stock had previously closed at $3.94.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Monday, September 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.71.

Lucid Group Stock Down 3.3 %

The company has a market capitalization of $8.79 billion, a PE ratio of -2.99 and a beta of 1.05. The stock’s fifty day moving average is $3.53 and its two-hundred day moving average is $3.02. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. As a group, analysts predict that Lucid Group, Inc. will post -1.22 EPS for the current year.

Insider Buying and Selling

In related news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new stake in Lucid Group in the 2nd quarter worth $26,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the second quarter worth about $27,000. Frank Rimerman Advisors LLC grew its stake in shares of Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in Lucid Group during the 1st quarter valued at about $29,000. Finally, Norden Group LLC bought a new position in Lucid Group during the 1st quarter valued at approximately $32,000. Institutional investors own 75.17% of the company’s stock.

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.