Lucid Group (NASDAQ:LCID) Shares Down 1.1%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 1.1% on Friday . The stock traded as low as $3.56 and last traded at $3.59. Approximately 7,526,989 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 32,713,670 shares. The stock had previously closed at $3.63.

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Friday, August 16th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $3.71.

Lucid Group Stock Performance

The business’s fifty day simple moving average is $3.42 and its 200-day simple moving average is $3.01. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The firm has a market capitalization of $8.31 billion, a PE ratio of -2.83 and a beta of 1.04.

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 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 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 business posted ($0.40) earnings per share. The business’s revenue was up 32.9% on a year-over-year basis. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.27 EPS for the current year.

Insider Buying and Selling

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 LCID. Vanguard Group Inc. increased its position in Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after acquiring an additional 9,175,312 shares during the last quarter. Norges Bank purchased a new stake in Lucid Group in the 4th quarter worth about $22,208,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 valued at $7,000,000 after buying an additional 581,082 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of Lucid Group by 946.6% during the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after buying an additional 474,534 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.