Lucid Group (NASDAQ:LCID) Trading Down 3.6%

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 3.6% during mid-day trading on Monday . The company traded as low as $3.79 and last traded at $3.80. Approximately 5,917,354 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 32,773,281 shares. The stock had previously closed at $3.94.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Thursday. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Monday, September 9th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, Lucid Group presently has an average rating of “Hold” and an average target price of $3.71.

Lucid Group Trading Down 3.3 %

The stock has a market cap of $8.79 billion, a PE ratio of -2.99 and a beta of 1.05. 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 stock has a fifty day moving average price of $3.53 and a 200 day moving average price of $3.02.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $190.30 million. During the same period last year, the company earned ($0.40) earnings per share. The business’s revenue for the quarter was up 32.9% compared to the same quarter last year. Equities analysts expect that Lucid Group, Inc. will post -1.22 EPS for the current year.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group in the second quarter worth about $26,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Lucid Group in the 2nd quarter valued at approximately $63,000. Truist Financial Corp boosted its stake in Lucid Group by 40.2% in the 2nd quarter. Truist Financial Corp now owns 37,760 shares of the company’s stock worth $99,000 after purchasing an additional 10,828 shares in the last quarter. EP Wealth Advisors LLC grew its position in Lucid Group by 17.4% during the 2nd 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. Finally, Algert Global LLC acquired a new position in Lucid Group during the 2nd quarter valued at approximately $243,000. 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.