Lucid Group (NASDAQ:LCID) Shares Down 3.8% – What’s Next?

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

Wall Street Analysts Forecast Growth

LCID has been the subject of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. 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. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.54.

Lucid Group Stock Performance

The stock’s 50 day moving average is $3.42 and its two-hundred day moving average is $3.09. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The firm has a market capitalization of $5.12 billion, a P/E ratio of -1.87 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted 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). The company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. Lucid Group’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in Lucid Group in the 2nd quarter valued at $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group during the second quarter worth about $27,000. Frank Rimerman Advisors LLC raised its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. bought a new stake in Lucid Group in the 1st quarter valued at approximately $29,000. Finally, Norden Group LLC bought a new position in shares of Lucid Group during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds 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.