Lucid Group (NASDAQ:LCID) Stock Price Down 3.9%

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 3.9% on Monday . The company traded as low as $3.43 and last traded at $3.43. 10,254,722 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 32,716,682 shares. The stock had previously closed at $3.57.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Friday, August 16th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research note on Monday. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.71.

Lucid Group Stock Up 12.7 %

The firm’s 50-day moving average is $3.47 and its two-hundred day moving average is $3.00. The stock has a market cap of $9.18 billion, a P/E ratio of -2.93 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96.

Lucid Group (NASDAQ:LCID) last announced 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 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 analyst estimates of $190.30 million. During the same period in the previous year, the company posted ($0.40) earnings per share. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Insider Activity

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated 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 approximately $6,368,761.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Frank Rimerman Advisors LLC raised its stake in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. purchased a new stake in shares of Lucid Group during the 1st quarter valued at approximately $29,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group during the 2nd quarter valued at approximately $27,000. Sanctuary Advisors LLC purchased a new stake in Lucid Group in the 2nd quarter worth approximately $26,000. Finally, HighPoint Advisor Group LLC purchased a new stake in Lucid Group in the 4th quarter worth approximately $46,000. Institutional investors and hedge funds 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.