Lucid Group (NASDAQ:LCID) Trading Down 1.6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) was down 1.6% during trading on Wednesday . The stock traded as low as $2.39 and last traded at $2.40. Approximately 11,174,476 shares traded 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 Ratings Changes

Several analysts have issued reports on the company. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $3.54.

Lucid Group Trading Down 3.3 %

The business’s 50-day simple moving average is $3.44 and its 200-day simple moving average is $3.10. The company has a market cap of $5.44 billion, a PE ratio of -1.89 and a beta of 1.04. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

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

Insider Activity

In related news, SVP Eric Bach sold 89,959 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 61.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Lucid Group by 42.9% during the first 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 last quarter. Bank of New York Mellon Corp grew 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 during the last quarter. Vanguard Group Inc. raised its holdings in Lucid Group by 0.6% in the 1st 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. Janus Henderson Group PLC lifted its position in Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after acquiring an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Lucid Group by 226.4% during the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock valued at $1,238,000 after acquiring an additional 301,349 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.