Lucid Group (NASDAQ:LCID) Trading Down 3.8% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 3.8% on Thursday . The company traded as low as $2.25 and last traded at $2.26. Approximately 19,358,811 shares traded hands during trading, a decline of 43% from the average daily volume of 33,985,547 shares. The stock had previously closed at $2.35.

Analysts Set New Price Targets

A number of research analysts recently weighed in on LCID shares. Cantor Fitzgerald reissued a "neutral" rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada reissued a "sector perform" rating and issued 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 note on Wednesday, September 11th. Robert W. Baird reissued a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Finally, Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $3.54.

Lucid Group Trading Down 6.0 %

The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The company has a 50-day simple moving average of $3.38 and a 200 day simple moving average of $3.09. The company has a market capitalization of $5.10 billion, a P/E ratio of -1.83 and a beta of 1.04.

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Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate 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 quarterly revenue was up 32.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.40) earnings per share. Sell-side analysts expect that Lucid Group, Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares of the company's stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company's stock valued at $238,659,000 after buying an additional 489,187 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in 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 valued at $7,000,000 after buying an additional 581,082 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Lucid Group by 42.9% in 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 buying an additional 732,463 shares in the last quarter. Van ECK Associates Corp boosted its stake in Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company's stock valued at $2,558,000 after buying an additional 227,908 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock valued at $1,936,000 after buying an additional 46,997 shares in the last quarter. 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.