Lucid Group (NASDAQ:LCID) Shares Down 9.2%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 9.2% during mid-day trading on Tuesday . The company traded as low as $3.84 and last traded at $3.87. 25,654,419 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 32,608,730 shares. The stock had previously closed at $4.26.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, August 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Friday, August 16th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research report on Monday, August 19th. Stifel Nicolaus decreased their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, Lucid Group currently has an average rating of “Hold” and a consensus target price of $3.71.

Lucid Group Stock Down 3.5 %

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The company has a 50-day simple moving average of $3.20 and a 200 day simple moving average of $2.98. The company has a market cap of $9.48 billion, a P/E ratio of -3.05 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.40) earnings per share. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.17 EPS 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 stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. Signaturefd LLC increased its position in shares of Lucid Group by 203.9% during the fourth quarter. Signaturefd LLC now owns 17,939 shares of the company’s stock worth $76,000 after purchasing an additional 12,036 shares in the last quarter. CWM LLC raised its stake in Lucid Group by 75.7% in the fourth quarter. CWM LLC now owns 24,587 shares of the company’s stock valued at $104,000 after buying an additional 10,593 shares during the last quarter. GAMMA Investing LLC acquired a new stake in Lucid Group in the fourth quarter worth about $28,000. State of New Jersey Common Pension Fund D grew its stake in shares of Lucid Group by 9.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 598,064 shares of the company’s stock worth $2,518,000 after acquiring an additional 52,833 shares during the last quarter. Finally, DDFG Inc acquired a new position in shares of Lucid Group during the fourth quarter valued at about $47,000. Hedge funds and other institutional investors 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.