Lucid Group (NASDAQ:LCID) Trading Down 2.7% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 2.7% during mid-day trading on Wednesday . The stock traded as low as $2.13 and last traded at $2.19. 30,956,018 shares changed hands during trading, a decline of 10% from the average session volume of 34,391,430 shares. The stock had previously closed at $2.25.

Analysts Set New Price Targets

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

Lucid Group Stock Down 5.3 %

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 stock has a market cap of $4.98 billion, a PE ratio of -1.71 and a beta of 1.11. The business has a 50 day moving average price of $3.27 and a 200 day moving average price of $3.09.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter in the previous year, the company earned ($0.40) EPS. The firm’s quarterly revenue was up 32.9% compared to the same quarter last year. Equities research analysts expect that Lucid Group, Inc. will post -1.22 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In other 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 value of $282,471.26. Following the transaction, the senior vice president now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Eric Bach sold 89,959 shares of the 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 directly 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 position. The disclosure for this sale can be found here. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the second quarter valued at approximately $26,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC increased its stake in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. acquired a new stake in Lucid Group during the first quarter worth $29,000. Finally, Norden Group LLC acquired a new stake in Lucid Group during the first quarter worth $32,000. Institutional investors and hedge funds 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.