Lucid Group (NASDAQ:LCID) Reaches New 12-Month Low After Insider Selling

Lucid Group, Inc. (NASDAQ:LCID) shares reached a new 52-week low during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $5.44 and last traded at $5.53, with a volume of 10344232 shares changing hands. The stock had previously closed at $5.64.

Specifically, Director Public Investment Fund purchased 265,693,703 shares of the business’s stock in a transaction on Thursday, June 22nd. The stock was acquired at an average price of $6.83 per share, with a total value of $1,814,687,991.49. Following the purchase, the director now directly owns 1,366,658,905 shares in the company, valued at $9,334,280,321.15. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Michael Bell sold 46,735 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $6.01, for a total transaction of $280,877.35. Following the transaction, the senior vice president now owns 1,437,293 shares of the company’s stock, valued at approximately $8,638,130.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Public Investment Fund purchased 265,693,703 shares of the stock in a transaction on Thursday, June 22nd. The stock was acquired at an average cost of $6.83 per share, with a total value of $1,814,687,991.49. Following the completion of the purchase, the director now directly owns 1,366,658,905 shares of the company’s stock, valued at $9,334,280,321.15. The disclosure for this purchase can be found here. 62.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LCID has been the subject of several analyst reports. BNP Paribas cut Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $6.50 to $5.00 in a report on Friday, August 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of Lucid Group in a report on Tuesday. Robert W. Baird assumed coverage on shares of Lucid Group in a report on Tuesday, September 5th. They issued a “neutral” rating and a $7.00 price target on the stock. Citigroup lowered their price objective on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating for the company in a research note on Wednesday, August 9th. Finally, Needham & Company LLC lowered their price target on Lucid Group from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.15.

Lucid Group Trading Down 1.4 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 6.11 and a current ratio of 7.07. The stock has a 50-day moving average of $6.57 and a two-hundred day moving average of $7.08. The company has a market cap of $12.69 billion, a P/E ratio of -3.63 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.05). Lucid Group had a negative return on equity of 64.02% and a negative net margin of 337.97%. The company had revenue of $150.90 million during the quarter, compared to analysts’ expectations of $181.58 million. During the same period in the prior year, the firm earned ($0.33) EPS. Lucid Group’s revenue for the quarter was up 55.1% compared to the same quarter last year. On average, equities research analysts predict that Lucid Group, Inc. will post -1.51 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. BlackRock Inc. raised its holdings in Lucid Group by 32.0% in the 2nd quarter. BlackRock Inc. now owns 45,330,425 shares of the company’s stock worth $312,327,000 after acquiring an additional 10,991,369 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 36.7% during the first quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock valued at $983,933,000 after purchasing an additional 10,400,923 shares in the last quarter. State Street Corp boosted its position in shares of Lucid Group by 80.9% during the second quarter. State Street Corp now owns 10,822,778 shares of the company’s stock valued at $185,719,000 after buying an additional 4,841,301 shares during the last quarter. Norges Bank bought a new stake in Lucid Group in the 4th quarter worth about $29,347,000. Finally, Geode Capital Management LLC raised its position in Lucid Group by 25.8% in the 2nd quarter. Geode Capital Management LLC now owns 12,537,872 shares of the company’s stock worth $86,237,000 after buying an additional 2,569,226 shares during the last quarter.

About Lucid Group

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.