Lucid Group (NASDAQ:LCID) Shares Down 4%

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 4% during trading on Tuesday . The stock traded as low as $3.28 and last traded at $3.39. Approximately 20,861,511 shares changed hands during trading, a decline of 36% from the average daily volume of 32,698,053 shares. The stock had previously closed at $3.53.

Analyst Ratings Changes

Several equities research analysts recently commented on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Monday. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus target price of $3.71.

Lucid Group Price Performance

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 company has a 50 day moving average of $3.53 and a 200-day moving average of $3.07. The stock has a market capitalization of $7.52 billion, a P/E ratio of -2.63 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same quarter last year, the company earned ($0.40) EPS. Lucid Group’s revenue was up 32.9% compared to the same quarter last year. Sell-side analysts predict that Lucid Group, Inc. will post -1.27 EPS for the current year.

Insider Buying and Selling

In other news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction 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 completion of the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Large investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina grew its holdings in Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock worth $1,391,000 after buying an additional 3,230 shares in the last quarter. Pine Valley Investments Ltd Liability Co grew its stake in shares of Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares in the last quarter. Principal Financial Group Inc. increased its holdings 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 purchasing an additional 3,715 shares during the period. Heritage Wealth Advisors raised its stake in shares of Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after purchasing an additional 4,000 shares in the last quarter. Finally, First Trust Direct Indexing L.P. lifted its holdings in Lucid Group by 5.5% in the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after purchasing an additional 4,350 shares during the period. 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.