Lucid Group (NASDAQ:LCID) Shares Down 9.2%

Lucid Group, Inc. (NASDAQ:LCID) fell 9.2% during trading on Tuesday . The stock traded as low as $3.84 and last traded at $3.87. 25,654,419 shares were traded during mid-day trading, a decline of 21% from the average session volume of 32,608,730 shares. The stock had previously closed at $4.26.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LCID. Stifel Nicolaus lowered their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, August 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Monday, August 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Friday, August 16th. 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 data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.71.

Lucid Group Trading Down 3.5 %

The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The business has a fifty day simple moving average of $3.20 and a 200 day simple moving average of $2.98. The stock has a market cap of $9.48 billion, a price-to-earnings ratio of -3.05 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced 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 firm had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm’s revenue was up 32.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.40) EPS. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.17 EPS for the current year.

Insiders Place Their Bets

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 value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the 2nd quarter worth about $27,000. Frank Rimerman Advisors LLC lifted its position in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Lucid Group during the fourth quarter worth approximately $28,000. Meeder Advisory Services Inc. acquired a new stake in shares of Lucid Group in the first quarter worth $29,000. Finally, Norden Group LLC purchased a new position in shares of Lucid Group in the 1st quarter valued at $32,000. 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.