Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 1.6% during mid-day trading on Wednesday . The stock traded as low as $2.39 and last traded at $2.40. Approximately 11,174,476 shares changed hands during trading, a decline of 67% from the average daily volume of 33,860,695 shares. The stock had previously closed at $2.44.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on LCID shares. Robert W. Baird reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Wednesday, September 11th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reissued a "neutral" rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $3.54.
Check Out Our Latest Stock Analysis on LCID
Lucid Group Stock Performance
The stock's 50 day moving average price is $3.42 and its 200 day moving average price is $3.09. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The firm has a market cap of $5.42 billion, a PE ratio of -1.94 and a beta of 1.04.
Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share 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 analysts' expectations of $190.30 million. During the same quarter last year, the company posted ($0.40) earnings per share. Lucid Group's revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, equities analysts forecast that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, SVP Eric Bach sold 89,959 shares of Lucid Group 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 completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 61.26% of the company's stock.
Institutional Investors Weigh In On Lucid Group
A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company's stock worth $238,659,000 after acquiring an additional 489,187 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock worth $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company's stock valued at $6,951,000 after purchasing an additional 732,463 shares during the period. Van ECK Associates Corp grew its stake in Lucid Group by 34.0% during the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company's stock worth $2,558,000 after buying an additional 227,908 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock worth $1,936,000 after buying an additional 46,997 shares during the period. 75.17% of the stock is currently owned by institutional investors.
Lucid Group Company Profile
(
Get Free Report)
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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