Lucid Group (NASDAQ:LCID) Trading Down 2.4% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 2.4% during trading on Tuesday . The stock traded as low as $2.64 and last traded at $2.69. Approximately 18,977,147 shares were traded during trading, a decline of 77% from the average daily volume of 82,284,906 shares. The stock had previously closed at $2.75.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada cut their price target on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Finally, Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. One 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 stock currently has an average rating of "Hold" and an average price target of $3.04.

Lucid Group Price Performance

The stock's fifty day moving average price is $2.70 and its 200-day moving average price is $3.04. The firm has a market cap of $8.34 billion, a PE ratio of -2.07 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced 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). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business had revenue of $200.04 million for the quarter, compared to analysts' expectations of $199.50 million. During the same period in the prior year, the company posted ($0.28) EPS. As a group, equities analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Activity

In other news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 61.26% of the company's stock.

Institutional Trading of Lucid Group

Institutional investors have recently made changes to their positions in the company. Point72 Italy S.r.l. acquired a new stake in Lucid Group during the third quarter worth $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group in the 3rd quarter valued at about $863,000. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% in 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 grew its stake in shares of Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company's stock valued at $121,000 after buying an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake 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 worth $930,000 after acquiring an additional 6,374 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

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.

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