Lucid Group (NASDAQ:LCID) Shares Down 1.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 1.2% during mid-day trading on Tuesday . The company traded as low as $2.45 and last traded at $2.49. 13,473,478 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 33,805,703 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

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

Lucid Group Price Performance

The company’s 50 day moving average price is $3.42 and its 200-day moving average price is $3.09. The company has a market cap of $5.10 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data 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). The business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The business’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.40) EPS. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Latko Wealth Management Ltd. acquired a new stake in shares of Lucid Group during the third quarter worth approximately $39,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Lucid Group during the third quarter worth approximately $192,000. Ballentine Partners LLC boosted its holdings in shares of Lucid Group by 67.3% during the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock worth $119,000 after purchasing an additional 13,554 shares during the period. Brighton Jones LLC acquired a new stake in shares of Lucid Group during the third quarter worth approximately $56,000. Finally, Greenleaf Trust boosted its holdings in shares of Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.