Lucid Group (NASDAQ:LCID) Shares Down 4%

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 4% during mid-day trading on Tuesday . The company traded as low as $3.28 and last traded at $3.39. 20,861,511 shares were traded during trading, a decline of 36% from the average session volume of 32,698,053 shares. The stock had previously closed at $3.53.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on LCID shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a report on Monday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average price target of $3.71.

Lucid Group Stock Performance

The company has a market cap of $7.61 billion, a PE ratio of -2.64 and a beta of 1.05. 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 business has a 50-day moving average of $3.53 and a 200 day moving average of $3.06.

Lucid Group (NASDAQ:LCID) last released 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). The firm had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. Lucid Group’s revenue was up 32.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) EPS. Equities research analysts anticipate that Lucid Group, Inc. will post -1.27 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the business’s 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 in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Vanguard Group Inc. increased its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Norges Bank bought a new stake in Lucid Group in the fourth quarter worth about $22,208,000. Bank of New York Mellon Corp boosted its position in shares of Lucid Group by 27.7% during the second 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 period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of 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 buying an additional 732,463 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Lucid Group by 34.0% during the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after acquiring an additional 227,908 shares during the last quarter. Hedge funds and other 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.