Lucid Group (NASDAQ:LCID) Shares Down 3.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 3.4% during trading on Wednesday . The stock traded as low as $2.67 and last traded at $2.76. Approximately 35,390,379 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 83,978,953 shares. The stock had previously closed at $2.86.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LCID. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Down 5.2 %

The company’s 50 day simple moving average is $2.65 and its 200-day simple moving average is $3.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market capitalization of $8.16 billion, a PE ratio of -2.03 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The business had revenue of $200.04 million for the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same period in the prior year, the business posted ($0.28) EPS. On average, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the third quarter worth about $3,209,000. Canada Pension Plan Investment Board grew its stake in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of Lucid Group by 18.2% in the third quarter. Handelsbanken Fonder AB now owns 264,900 shares of the company’s stock worth $935,000 after purchasing an additional 40,800 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock valued at $930,000 after purchasing an additional 6,374 shares during the period. 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.