Lucid Group (NASDAQ:LCID) Shares Down 1.6% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 1.6% on Wednesday . The company traded as low as $2.39 and last traded at $2.40. Approximately 11,174,476 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 33,860,695 shares. The stock had previously closed at $2.44.

Analysts Set New Price Targets

Several analysts have recently weighed in on LCID shares. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Wednesday, September 11th. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a research note 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 reissued a "sector perform" rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Finally, Robert W. Baird restated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $3.54.

Lucid Group Trading Down 3.3 %

The firm's 50 day simple moving average is $3.44 and its two-hundred day simple moving average is $3.10. 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 $5.44 billion, a P/E ratio of -1.89 and a beta of 1.04.

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

Insider Activity at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated 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 owns 2,028,268 shares of the company's stock, valued at $6,368,761.52. This trade 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. Insiders own 61.26% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co grew its position in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock valued at $36,000 after buying an additional 3,549 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Lucid Group by 6.0% during the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company's stock valued at $172,000 after acquiring an additional 3,715 shares during the period. Heritage Wealth Advisors lifted its position in Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company's stock worth $33,000 after purchasing an additional 4,000 shares during the period. First Trust Direct Indexing L.P. boosted its stake in Lucid Group by 5.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company's stock valued at $236,000 after purchasing an additional 4,350 shares in the last quarter. Finally, Greenleaf Trust increased its position in shares of Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company's stock valued at $90,000 after purchasing an additional 4,604 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.