Lucid Group (NASDAQ:LCID) Shares Down 1.6% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 1.6% on Wednesday . The company traded as low as $2.39 and last traded at $2.40. Approximately 11,174,476 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 33,860,695 shares. The stock had previously closed at $2.44.

Analysts Set New Price Targets

Several analysts have recently weighed in on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Finally, Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.54.

Lucid Group Trading Down 3.3 %

The firm’s 50 day simple moving average is $3.44 and its two-hundred day simple moving average is $3.10. 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 cap of $5.44 billion, a P/E ratio of -1.89 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The business had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The business’s revenue was up 32.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.40) EPS. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Lucid Group

In related 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 sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co grew its position in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Lucid Group by 6.0% during the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after acquiring an additional 3,715 shares during the period. Heritage Wealth Advisors lifted its position in Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the period. First Trust Direct Indexing L.P. boosted its stake in Lucid Group by 5.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after purchasing an additional 4,350 shares in the last quarter. Finally, Greenleaf Trust increased its position in shares of Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after purchasing an additional 4,604 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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.