Lucid Group (NASDAQ:LCID) Shares Down 0.6% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 0.6% during trading on Monday . The stock traded as low as $3.33 and last traded at $3.38. Approximately 4,372,183 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 32,374,012 shares. The stock had previously closed at $3.40.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Wednesday, September 11th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $3.71.

Lucid Group Trading Down 2.1 %

The company's fifty day moving average price is $3.54 and its 200-day moving average price is $3.10. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of -2.62 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the company earned ($0.40) earnings per share. Lucid Group's revenue was up 32.9% on a year-over-year basis. On average, research analysts expect that Lucid Group, Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the company's stock in a transaction 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 sale, the senior vice president now directly owns 2,028,268 shares of the company's stock, valued at $6,368,761.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 61.26% of the company's stock.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company's stock valued at $350,486,000 after acquiring an additional 9,175,312 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company's stock worth $6,951,000 after buying an additional 732,463 shares in the last quarter. Bank of New York Mellon Corp grew its position in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock valued at $7,000,000 after buying an additional 581,082 shares during the period. Janus Henderson Group PLC increased its holdings in Lucid Group by 946.6% in the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company's stock valued at $1,493,000 after buying an additional 474,534 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Lucid Group by 226.4% in the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company's stock worth $1,238,000 after acquiring an additional 301,349 shares during the period. 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.