Lucid Group (NASDAQ:LCID) Trading Down 1.3% – Here’s What Happened

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

Analyst Ratings Changes

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

Lucid Group Stock Performance

The company has a 50 day simple moving average of $2.66 and a 200-day simple moving average of $3.05. 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 stock has a market cap of $8.20 billion, a P/E ratio of -2.02 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 analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. During the same quarter in the previous year, the firm earned ($0.28) EPS. On average, equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Sanctuary Advisors LLC bought a new stake in Lucid Group in the second quarter valued at $26,000. Frank Rimerman Advisors LLC boosted its stake in shares of 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 purchasing an additional 9,250 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Lucid Group during the fourth quarter valued at about $33,000. Foster Group Inc. bought a new position in Lucid Group in the fourth quarter worth about $33,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Lucid Group in the fourth quarter worth about $34,000. 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.