Lucid Group (NASDAQ:LCID) Trading Down 3.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 3.4% during mid-day trading on Wednesday . The company traded as low as $2.67 and last traded at $2.76. 35,390,379 shares changed hands during trading, a decline of 58% from the average session volume of 83,978,953 shares. The stock had previously closed at $2.86.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Price Performance

The firm has a 50-day moving average of $2.65 and a 200-day moving average of $3.05. The stock has a market cap of $8.16 billion, a PE ratio of -2.03 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The company had revenue of $200.04 million for the quarter, compared to analysts’ expectations of $199.50 million. During the same period last year, the business earned ($0.28) earnings per share. Research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group during the 2nd quarter worth about $26,000. Frank Rimerman Advisors LLC raised its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. Wedge Capital Management L L P NC bought a new stake in Lucid Group in the fourth quarter worth about $33,000. Kingswood Wealth Advisors LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $34,000. Finally, Atlas Private Wealth Advisors bought a new position in shares of Lucid Group during the fourth quarter valued at approximately $35,000. 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.