Lucid Group (NASDAQ:LCID) Trading Down 2.6%

Lucid Group, Inc. (NASDAQ:LCID) fell 2.6% during mid-day trading on Wednesday . The stock traded as low as $3.66 and last traded at $3.68. 6,101,725 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 32,696,084 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

A number of research firms have recently commented on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, July 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Monday, September 9th. 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 report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average price target of $3.71.

Lucid Group Stock Performance

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 50 day simple moving average of $3.55 and a 200-day simple moving average of $3.03. The firm has a market cap of $8.51 billion, a PE ratio of -2.90 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The business had revenue of $200.58 million during 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%. The business’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.40) earnings per share. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.22 EPS for the current year.

Insider Buying and Selling

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the business’s 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the company. DDFG Inc bought a new position in Lucid Group during the 4th quarter valued at approximately $47,000. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after buying an additional 195,519 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in Lucid Group by 46.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 96,540 shares of the company’s stock valued at $406,000 after acquiring an additional 30,398 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Lucid Group by 225.4% during the 4th quarter. Panagora Asset Management Inc. now owns 137,322 shares of the company’s stock worth $578,000 after acquiring an additional 95,121 shares during the period. Finally, Independent Advisor Alliance raised its position in shares of Lucid Group by 52.0% in the 4th quarter. Independent Advisor Alliance now owns 99,337 shares of the company’s stock worth $418,000 after acquiring an additional 33,982 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.