Lucid Group (NASDAQ:LCID) Shares Down 1.3% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 1.3% during trading on Thursday . The stock traded as low as $2.63 and last traded at $2.64. Approximately 14,987,399 shares traded hands during trading, a decline of 82% from the average daily volume of 82,325,180 shares. The stock had previously closed at $2.67.

Analyst Ratings Changes

Several equities research analysts recently commented on LCID shares. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Robert W. Baird reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $3.04.

Lucid Group Trading Up 2.6 %

The company has a market capitalization of $8.40 billion, a P/E ratio of -2.08 and a beta of 0.94. 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 stock has a fifty day moving average of $2.69 and a 200 day moving average of $3.05.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The company had revenue of $200.04 million for the quarter, compared to analysts' expectations of $199.50 million. During the same period in the previous year, the firm earned ($0.28) earnings per share. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average cost 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 of the company's stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing 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

A number of large investors have recently made changes to their positions in LCID. Amalgamated Bank grew its position in Lucid Group by 12.5% in the second quarter. Amalgamated Bank now owns 47,916 shares of the company's stock worth $125,000 after acquiring an additional 5,337 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Lucid Group by 40.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 195,661 shares of the company's stock worth $511,000 after purchasing an additional 56,594 shares during the period. XTX Topco Ltd bought a new position in shares of Lucid Group during the 2nd quarter valued at approximately $69,000. Canada Pension Plan Investment Board raised its holdings in Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock valued at $1,097,000 after buying an additional 238,628 shares during the period. Finally, Xponance Inc. lifted its position in Lucid Group by 20.8% in the second quarter. Xponance Inc. now owns 31,938 shares of the company's stock worth $83,000 after buying an additional 5,493 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.