Lucid Group (NASDAQ:LCID) Stock Price Down 1.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 1.3% on Thursday . The stock traded as low as $2.63 and last traded at $2.64. 14,987,399 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 82,325,180 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LCID. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research 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 research report on Tuesday, January 7th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of -2.02 and a beta of 0.94. The company’s fifty day simple moving average is $2.66 and its 200 day simple moving average is $3.05.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). The company 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 earned ($0.28) EPS. On average, equities research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Pine Valley Investments Ltd Liability Co boosted its stake in Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after purchasing an additional 3,816 shares during the last quarter. Greenleaf Trust boosted its position in shares of Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after buying an additional 4,604 shares during the last quarter. GAMMA Investing LLC grew its holdings in Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after buying an additional 5,031 shares in the last quarter. SG Americas Securities LLC raised its position in Lucid Group by 3.4% in the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company’s stock valued at $475,000 after buying an additional 5,121 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Lucid Group by 12.5% during the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares in the last quarter. 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.