Lucid Group (NASDAQ:LCID) Stock Price Down 3.4% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 3.4% during mid-day trading on Wednesday . The company traded as low as $2.67 and last traded at $2.76. Approximately 35,390,379 shares traded hands 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

Several research analysts recently commented on LCID shares. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research report on Monday, November 11th. Robert W. Baird restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $3.04.

Lucid Group Stock Up 2.6 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a 50-day simple moving average of $2.67 and a two-hundred day simple moving average of $3.05. The stock has a market cap of $8.40 billion, a P/E ratio of -2.08 and a beta of 0.94.

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

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares of the company's stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group during the 3rd quarter worth $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the 3rd quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 purchasing an additional 2,335,452 shares during the last quarter. CWM LLC increased its position in Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company's stock worth $121,000 after purchasing an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Lucid Group by 2.5% in 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 last quarter. 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.

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