Lucid Group (NASDAQ:LCID) Shares Down 0.3%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 0.3% during mid-day trading on Thursday . The stock traded as low as $3.87 and last traded at $3.97. 11,481,367 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 32,835,719 shares. The stock had previously closed at $3.98.

Analysts Set New Price Targets

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

Lucid Group Price Performance

The business’s fifty day moving average is $3.49 and its 200-day moving average is $3.01. The firm has a market cap of $8.95 billion, a PE ratio of -3.13 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.

Lucid Group (NASDAQ:LCID) last announced 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). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The company had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. The company’s quarterly revenue was up 32.9% on a year-over-year basis. On average, research analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of large investors have recently modified their holdings of the business. Van ECK Associates Corp increased its position 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 valued at $2,558,000 after purchasing an additional 227,908 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after purchasing an additional 195,519 shares during the last quarter. Ieq Capital LLC bought a new stake in Lucid Group during the 4th quarter valued at about $105,000. Finally, Private Advisor Group LLC raised its holdings in shares of Lucid Group by 36.2% during the fourth quarter. Private Advisor Group LLC now owns 121,305 shares of the company’s stock valued at $511,000 after purchasing an additional 32,267 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.