Lucid Group (NASDAQ:LCID) Shares Down 1.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) dropped 1.3% during trading on Thursday . The company traded as low as $2.63 and last traded at $2.64. Approximately 14,987,399 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 82,325,180 shares. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Royal Bank of Canada cut their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Trading Up 2.6 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a 50-day moving average of $2.69 and a 200 day moving average of $3.05. The company has a market cap of $8.40 billion, a PE ratio of -2.08 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last released its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The company had revenue of $200.04 million for the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same period in the prior year, the firm posted ($0.28) EPS. Analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Insider Activity

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of LCID. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group in the second quarter valued at approximately $26,000. Wedge Capital Management L L P NC purchased a new stake in shares of Lucid Group in the 4th quarter worth $33,000. Foster Group Inc. bought a new position in shares of Lucid Group during the 4th quarter worth $33,000. Kingswood Wealth Advisors LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at $34,000. Finally, Atlas Private Wealth Advisors bought a new stake in shares of Lucid Group in the fourth quarter valued at about $35,000. Hedge funds and other 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.