Lucid Group (NASDAQ:LCID) Trading Down 14.6% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 14.6% during mid-day trading on Thursday . The company traded as low as $2.74 and last traded at $2.80. Approximately 114,225,688 shares were traded during mid-day trading, an increase of 249% from the average daily volume of 32,734,141 shares. The stock had previously closed at $3.28.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Stock Down 18.0 %

The firm’s 50-day moving average price is $3.55 and its 200 day moving average price is $3.10. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of -2.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate 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 business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year. Sell-side analysts expect that Lucid Group, Inc. will post -1.28 EPS for the current 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 transaction of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of 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 purchasing an additional 581,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Lucid Group by 42.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after purchasing an additional 227,908 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares during the last quarter. 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.