Lucid Group (NASDAQ:LCID) Trading Down 2.2% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 2.2% during trading on Friday . The company traded as low as $2.62 and last traded at $2.63. Approximately 17,572,268 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 33,219,039 shares. The stock had previously closed at $2.69.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Trading Down 1.9 %

The firm’s 50 day moving average is $3.54 and its 200 day moving average is $3.10. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The company has a market capitalization of $6.09 billion, a PE ratio of -2.07 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The firm had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. Lucid Group’s revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) EPS. As a group, equities analysts predict that Lucid Group, Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new stake in Lucid Group during the 2nd quarter valued at approximately $26,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the second quarter worth $27,000. Frank Rimerman Advisors LLC raised its holdings in 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 in the last quarter. Meeder Advisory Services Inc. bought a new position in Lucid Group in the first quarter worth $29,000. Finally, Norden Group LLC purchased a new position in Lucid Group during the first quarter valued at $32,000. 75.17% of the stock is owned by institutional investors.

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.