Lucid Group (NASDAQ:LCID) Shares Down 1.9% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 1.9% on Wednesday . The stock traded as low as $2.54 and last traded at $2.56. 8,970,728 shares were traded during mid-day trading, a decline of 73% from the average session volume of 33,585,715 shares. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

LCID has been the subject of several analyst reports. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a report on Thursday, September 12th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Finally, Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $3.54.

Lucid Group Stock Performance

The business’s 50 day simple moving average is $3.49 and its 200-day simple moving average is $3.09. 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 stock has a market capitalization of $5.77 billion, a P/E ratio of -1.95 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS 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 company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same period last year, the firm earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 32.9% on a year-over-year basis. As a group, analysts forecast that Lucid Group, Inc. will post -1.28 EPS for the current year.

Insider Activity at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the 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 directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of LCID. Sanctuary Advisors LLC bought a new position in Lucid Group in the second quarter valued at approximately $26,000. Accredited Investors Inc. bought a new stake in Lucid Group in the 2nd quarter valued at $27,000. Frank Rimerman Advisors LLC grew its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. acquired a new stake in shares of Lucid Group in the first quarter valued at about $29,000. Finally, Norden Group LLC bought a new stake in Lucid Group during the first quarter worth about $32,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.