Lucid Group (NASDAQ:LCID) Reaches New 1-Year Low – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $2.29 and last traded at $2.31, with a volume of 3711077 shares. The stock had previously closed at $2.35.

Analysts Set New Price Targets

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

Lucid Group Stock Performance

The firm has a market cap of $5.08 billion, a P/E ratio of -1.82 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The business’s 50-day simple moving average is $3.34 and its 200 day simple moving average is $3.09.

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). The firm had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm’s revenue was up 32.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.40) EPS. As a group, equities analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Insider Transactions at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the business’s 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 completion of the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norden Group LLC bought a new position in shares of Lucid Group in the first quarter worth about $32,000. First Trust Direct Indexing L.P. lifted its holdings in Lucid Group by 5.5% during the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after purchasing an additional 4,350 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Lucid Group by 32.5% during the first quarter. Principal Financial Group Inc. now owns 62,289 shares of the company’s stock valued at $178,000 after purchasing an additional 15,286 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Lucid Group by 34.0% in the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after purchasing an additional 227,908 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Lucid Group by 226.4% in the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock worth $1,238,000 after purchasing an additional 301,349 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.