Lucid Group (NASDAQ:LCID) Shares Down 1.5%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 1.5% during trading on Thursday . The company traded as low as $3.26 and last traded at $3.29. Approximately 5,558,626 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 32,712,924 shares. The stock had previously closed at $3.34.

Wall Street Analysts Forecast Growth

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

Lucid Group Price Performance

The company has a market cap of $7.75 billion, a price-to-earnings ratio of -2.61 and a beta of 1.05. The company has a fifty day moving average price of $3.53 and a two-hundred day moving average price of $3.07. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The firm had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the business posted ($0.40) EPS. Lucid Group’s revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.27 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the firm’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 transaction of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 61.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Frank Rimerman Advisors LLC lifted its position 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 worth $27,000 after buying an additional 9,250 shares during the period. Meeder Advisory Services Inc. bought a new position in Lucid Group in the 1st quarter valued at $29,000. Accredited Investors Inc. bought a new position in Lucid Group in the 2nd quarter valued at $27,000. Sanctuary Advisors LLC bought a new position in Lucid Group in the 2nd quarter valued at $26,000. Finally, HighPoint Advisor Group LLC bought a new position in Lucid Group in the 4th quarter valued at $46,000. 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.