Lucid Group (NASDAQ:LCID) Stock Price Down 3.8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 3.8% during trading on Thursday . The stock traded as low as $2.25 and last traded at $2.26. 19,358,811 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 33,985,547 shares. The stock had previously closed at $2.35.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Thursday, September 12th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One equities research 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, the stock currently has an average rating of “Hold” and a consensus price target of $3.54.

Lucid Group Price Performance

The business has a fifty day simple moving average of $3.34 and a two-hundred day simple moving average 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. The stock has a market cap of $5.08 billion, a PE ratio of -1.82 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share 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 firm had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter last year, the company posted ($0.40) EPS. The firm’s revenue was up 32.9% on a year-over-year basis. Research analysts forecast that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Insiders Place Their Bets

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the company’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 transaction of $282,471.26. Following the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Healthcare of Ontario Pension Plan Trust Fund boosted its position 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 worth $6,951,000 after purchasing an additional 732,463 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after acquiring an additional 581,082 shares in the last quarter. Vanguard Group Inc. lifted its position in Lucid Group by 0.6% in the 1st 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 in the last quarter. Janus Henderson Group PLC lifted its position in Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after acquiring an additional 474,534 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Lucid Group by 226.4% in the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock valued at $1,238,000 after acquiring an additional 301,349 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.