Lucid Group (NASDAQ:LCID) Stock Price Down 3.6%

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Monday, September 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One research 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 has an average rating of “Hold” and an average target price of $3.71.

Lucid Group Price Performance

The firm has a market cap of $8.40 billion, a price-to-earnings ratio of -2.87 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 business has a 50 day simple moving average of $3.55 and a 200-day simple moving average of $3.03.

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

Insider Buying and Selling

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred 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 approximately $6,368,761.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LCID. Frank Rimerman Advisors LLC increased its stake in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. bought a new position in Lucid Group in the first quarter valued at $29,000. Accredited Investors Inc. bought a new position in Lucid Group in the second quarter valued at $27,000. Sanctuary Advisors LLC bought a new position in shares of Lucid Group during the second quarter valued at about $26,000. Finally, HighPoint Advisor Group LLC bought a new position in shares of Lucid Group during the fourth quarter valued at about $46,000. Institutional investors own 75.17% of the company’s stock.

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.