Lucid Group (NASDAQ:LCID) Shares Down 3.8% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 3.8% during mid-day trading on Thursday . The stock traded as low as $2.25 and last traded at $2.26. 19,358,811 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 33,985,547 shares. The stock had previously closed at $2.35.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus target price of $3.54.

Lucid Group Stock Down 0.5 %

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 stock has a market capitalization of $5.08 billion, a P/E ratio of -1.82 and a beta of 1.04. The stock has a fifty day moving average price of $3.34 and a 200 day moving average price of $3.09.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same period in the previous year, the firm earned ($0.40) EPS. The firm’s quarterly revenue was up 32.9% compared to the same quarter last year. On average, research analysts forecast that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Insider Buying and Selling at Lucid Group

In other 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 transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after acquiring an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Lucid Group by 946.6% during the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after purchasing an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in Lucid Group by 226.4% during the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock worth $1,238,000 after purchasing an additional 301,349 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.