Lucid Group (NASDAQ:LCID) Shares Gap Down – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares gapped down prior to trading on Thursday . The stock had previously closed at $3.28, but opened at $2.74. Lucid Group shares last traded at $2.79, with a volume of 61,487,759 shares trading hands.

Analysts Set New Price Targets

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

Lucid Group Stock Down 2.2 %

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 market capitalization of $6.07 billion, a PE ratio of -2.07 and a beta of 1.04. The business’s 50 day simple moving average is $3.53 and its 200 day simple moving average is $3.10.

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

Insider Buying and Selling at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Friedenthal Financial purchased a new stake in shares of Lucid Group in the third quarter worth approximately $50,000. Bleakley Financial Group LLC purchased a new stake in shares of Lucid Group in the third quarter worth approximately $49,000. Tamar Securities LLC purchased a new stake in shares of Lucid Group in the third quarter worth approximately $45,000. Vontobel Holding Ltd. lifted its position in shares of Lucid Group by 39.6% in the third quarter. Vontobel Holding Ltd. now owns 129,102 shares of the company’s stock worth $456,000 after purchasing an additional 36,651 shares in the last quarter. Finally, Creative Planning lifted its position in shares of Lucid Group by 54.3% in the third quarter. Creative Planning now owns 224,031 shares of the company’s stock worth $791,000 after purchasing an additional 78,839 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.