Lucid Group (NASDAQ:LCID) Trading Down 0.8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 0.8% during mid-day trading on Friday . The company traded as low as $2.47 and last traded at $2.48. 9,709,300 shares were traded during mid-day trading, a decline of 71% from the average session volume of 33,717,992 shares. The stock had previously closed at $2.50.

Analyst Ratings Changes

LCID has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 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. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.54.

Lucid Group Stock Up 0.4 %

The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of -1.95 and a beta of 1.04. The firm has a fifty day moving average price of $3.49 and a 200 day moving average price of $3.09. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last posted 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 business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same period in the prior year, the firm posted ($0.40) EPS. Lucid Group’s revenue for the quarter was up 32.9% compared to the same quarter last year. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the stock in a transaction that occurred 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 sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently made changes to their positions in LCID. Van ECK Associates Corp lifted its position in 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 period. Vanguard Group Inc. boosted its stake in Lucid Group by 0.6% in 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. Price T Rowe Associates Inc. MD grew its holdings in Lucid Group by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after acquiring an additional 23,752 shares during the period. Ballentine Partners LLC raised its position in shares of Lucid Group by 154.2% during the 1st quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock valued at $82,000 after acquiring an additional 17,405 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Lucid Group by 42.9% in the 1st 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 purchasing an additional 732,463 shares during the period. Institutional investors and hedge funds 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.