Lucid Group (NASDAQ:LCID) Stock Price Down 0.6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 0.6% on Monday . The stock traded as low as $3.33 and last traded at $3.38. Approximately 4,372,183 shares traded hands during trading, a decline of 86% from the average daily volume of 32,374,012 shares. The stock had previously closed at $3.40.

Analysts Set New Price Targets

Several research analysts have commented on LCID shares. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Price Performance

The firm has a market cap of $7.57 billion, a PE ratio of -2.59 and a beta of 1.04. The company has a 50 day moving average price of $3.54 and a 200 day moving average price of $3.10. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same period last year, the business posted ($0.40) earnings per share. The company’s quarterly revenue was up 32.9% on a year-over-year basis. Sell-side analysts expect that Lucid Group, Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity at Lucid Group

In other 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 value of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC bought a new position in Lucid Group during the 2nd quarter valued at $26,000. Accredited Investors Inc. bought a new stake in Lucid Group during the second quarter worth approximately $27,000. Frank Rimerman Advisors LLC boosted its holdings in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. purchased a new stake in shares of Lucid Group during the first quarter valued at $29,000. Finally, Norden Group LLC purchased a new stake in shares of Lucid Group in the 1st quarter valued at approximately $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.