Lucid Group (NASDAQ:LCID) Trading Down 2.4% – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 2.4% during mid-day trading on Friday . The company traded as low as $3.28 and last traded at $3.31. 10,032,172 shares were traded during mid-day trading, a decline of 69% from the average session volume of 32,688,844 shares. The stock had previously closed at $3.39.

Wall Street Analysts Forecast Growth

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

Lucid Group Stock Down 1.8 %

The stock’s 50-day moving average price is $3.53 and its two-hundred day moving average price is $3.07. The stock has a market capitalization of $7.68 billion, a P/E ratio of -2.61 and a beta of 1.04. 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 released its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share 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 for the quarter, compared to the consensus estimate of $190.30 million. During the same period in the prior year, the company earned ($0.40) earnings per share. The firm’s revenue was up 32.9% on a year-over-year basis. As a group, research analysts expect that Lucid Group, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

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 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 directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 61.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Treasurer of the State of North Carolina boosted its holdings in Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock worth $1,391,000 after buying an additional 3,230 shares during the period. Bank of Nova Scotia purchased a new stake in Lucid Group in the 4th quarter worth approximately $74,000. KBC Group NV lifted its stake in Lucid Group by 19.2% in the 4th quarter. KBC Group NV now owns 39,171 shares of the company’s stock worth $165,000 after purchasing an additional 6,323 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in Lucid Group by 2.0% in the 4th quarter. Royal London Asset Management Ltd. now owns 290,103 shares of the company’s stock worth $1,221,000 after purchasing an additional 5,627 shares in the last quarter. Finally, Symmetry Investments LP purchased a new stake in Lucid Group in the 4th quarter worth approximately $1,142,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

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.