Lucid Group (NASDAQ:LCID) Stock Price Down 3.6%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 3.6% during mid-day trading on Monday . The company traded as low as $3.79 and last traded at $3.80. 5,917,354 shares traded hands during trading, a decline of 82% from the average session volume of 32,773,281 shares. The stock had previously closed at $3.94.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Monday, September 9th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Finally, Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective 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 given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.71.

Lucid Group Stock Down 3.7 %

The company has a market cap of $8.40 billion, a P/E ratio of -2.87 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The company’s 50-day moving average is $3.55 and its two-hundred day moving average is $3.03.

Lucid Group (NASDAQ:LCID) last posted its 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). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same period last year, the firm posted ($0.40) EPS. The company’s revenue for the quarter was up 32.9% on a year-over-year basis. As a group, equities analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp boosted its stake in shares of Lucid Group by 34.0% during the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after acquiring an additional 227,908 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after buying an additional 195,519 shares in the last quarter. KBC Group NV lifted its stake in shares of Lucid Group by 19.2% during the 4th quarter. KBC Group NV now owns 39,171 shares of the company’s stock valued at $165,000 after buying an additional 6,323 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Lucid Group by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after buying an additional 23,752 shares in the last quarter. 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.