Lucid Group (NASDAQ:LCID) Stock Price Down 0.8% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 0.8% during mid-day trading on Friday . The company traded as low as $2.47 and last traded at $2.48. Approximately 9,709,300 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 33,717,992 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LCID. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Needham & Company LLC reiterated 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 assigned a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.54.

Lucid Group Stock Performance

The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $5.77 billion, a PE ratio of -1.97 and a beta of 1.04. The business’s 50-day moving average is $3.47 and its two-hundred day moving average is $3.10.

Lucid Group (NASDAQ:LCID) last posted its earnings results 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). The firm had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.40) earnings per share. On average, analysts anticipate that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity

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 value of $282,471.26. Following the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the period. Bank of New York Mellon Corp grew its position in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares during the last quarter. Janus Henderson Group PLC increased its stake in Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after buying an additional 474,534 shares during the period. Finally, SG Americas Securities LLC raised its position in Lucid Group by 226.4% during the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock worth $1,238,000 after buying an additional 301,349 shares during 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.