Lucid Group (NASDAQ:LCID) Trading Down 0.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were down 0.3% during mid-day trading on Tuesday . The stock traded as low as $3.31 and last traded at $3.32. Approximately 5,164,788 shares traded hands during trading, a decline of 84% from the average daily volume of 32,301,055 shares. The stock had previously closed at $3.33.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on LCID shares. 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, September 12th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Stock Down 1.2 %

The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $7.59 billion, a PE ratio of -2.60 and a beta of 1.04. The firm has a 50-day moving average of $3.54 and a two-hundred day moving average of $3.10.

Lucid Group (NASDAQ:LCID) last issued 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 business had revenue of $200.58 million for 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%. During the same period in the previous year, the business posted ($0.40) earnings per share. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year. Equities research analysts predict that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred 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 sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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. Van ECK Associates Corp lifted its position in shares of Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after purchasing an additional 227,908 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of 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 buying an additional 489,187 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after purchasing an additional 23,752 shares in the last quarter. Ballentine Partners LLC raised its stake in Lucid Group by 154.2% in the first quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock valued at $82,000 after buying an additional 17,405 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in 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 buying an additional 732,463 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.