Lucid Group (NASDAQ:LCID) Trading Down 14.6% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 14.6% during trading on Thursday . The company traded as low as $2.74 and last traded at $2.80. 114,225,688 shares traded hands during trading, an increase of 249% from the average session volume of 32,734,141 shares. The stock had previously closed at $3.28.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average price target of $3.71.

Lucid Group Stock Down 18.0 %

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 company has a market cap of $6.21 billion, a price-to-earnings ratio of -2.13 and a beta of 1.04. The firm’s 50 day simple moving average is $3.55 and its 200-day simple moving average is $3.10.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same period in the previous year, the company posted ($0.40) earnings per share. Lucid Group’s quarterly revenue was up 32.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In other news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction dated 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 directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents 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 hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after purchasing an additional 227,908 shares in the last quarter. Vanguard Group Inc. raised its holdings 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 purchasing an additional 489,187 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Lucid Group by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after purchasing an additional 23,752 shares in the last quarter. Ballentine Partners LLC raised its holdings in Lucid Group by 154.2% during the first quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock worth $82,000 after purchasing an additional 17,405 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised 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 worth $6,951,000 after purchasing an additional 732,463 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.