Lucid Group (NASDAQ:LCID) Stock Price Down 3.7% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) traded down 3.7% during mid-day trading on Tuesday . The company traded as low as $2.80 and last traded at $2.96. 52,166,938 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 83,847,789 shares. The stock had previously closed at $3.07.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LCID. Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The business has a 50 day moving average price of $2.66 and a 200-day moving average price of $3.05. The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of -2.03 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The business had revenue of $200.04 million during the quarter, compared to analyst estimates of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same period last year, the firm posted ($0.28) earnings per share. Research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Mine & Arao Wealth Creation & Management LLC. purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $44,000. R Squared Ltd bought a new position in Lucid Group during the 4th quarter valued at $145,000. Foster Group Inc. purchased a new position in Lucid Group during the 4th quarter worth $33,000. Prospect Financial Services LLC bought a new stake in shares of Lucid Group in the 4th quarter worth $160,000. Finally, Two West Capital Advisors LLC bought a new stake in shares of Lucid Group in the 4th quarter worth $36,000. 75.17% of the stock is owned by institutional investors.

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.