Lucid Group (NASDAQ:LCID) Trading Down 1.5%

Lucid Group, Inc. (NASDAQ:LCID) dropped 1.5% on Tuesday . The company traded as low as $3.20 and last traded at $3.20. Approximately 4,638,860 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 31,947,277 shares. The stock had previously closed at $3.25.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Monday. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Tuesday, August 6th. Stifel Nicolaus cut their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Friday, August 16th. Finally, Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, July 8th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.71.

Lucid Group Trading Up 7.5 %

The stock has a market cap of $8.88 billion, a P/E ratio of -2.96 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The stock’s fifty day moving average is $3.11 and its 200 day moving average is $2.97.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) earnings per share. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the 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 owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 61.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Truist Financial Corp boosted its holdings in Lucid Group by 40.2% during the 2nd quarter. Truist Financial Corp now owns 37,760 shares of the company’s stock valued at $99,000 after acquiring an additional 10,828 shares during the period. EP Wealth Advisors LLC lifted its position in shares of Lucid Group by 17.4% during the second quarter. EP Wealth Advisors LLC now owns 38,431 shares of the company’s stock worth $100,000 after purchasing an additional 5,702 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Lucid Group during the second quarter valued at $243,000. The Manufacturers Life Insurance Company grew its holdings in shares of Lucid Group by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 257,027 shares of the company’s stock worth $671,000 after purchasing an additional 7,536 shares during the last quarter. Finally, Xponance Inc. increased its stake in Lucid Group by 20.8% in the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after buying an additional 5,493 shares during the period. 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.