Lucid Group (NASDAQ:LCID) Trading Down 0.3% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 0.3% during mid-day trading on Monday . The stock traded as low as $3.06 and last traded at $3.07. Approximately 66,742,073 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 90,676,616 shares. The stock had previously closed at $3.08.

Wall Street Analysts Forecast Growth

Several research firms have commented on LCID. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Down 6.8 %

The firm has a market capitalization of $8.61 billion, a PE ratio of -2.13 and a beta of 0.94. The business has a 50 day moving average price of $2.65 and a 200-day moving average price of $3.05. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data 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). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $200.04 million during the quarter, compared to analysts’ expectations of $199.50 million. During the same period in the previous year, the business earned ($0.28) earnings per share. Analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 61.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter valued at $26,000. Frank Rimerman Advisors LLC grew its holdings in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Lucid Group during the 4th quarter valued at $33,000. Atlas Private Wealth Advisors acquired a new stake in Lucid Group during the 4th quarter valued at $35,000. Finally, GAMMA Investing LLC grew its holdings in Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after buying an additional 5,031 shares during the last quarter. Institutional investors and hedge funds 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.