Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) was down 1.5% during trading on Tuesday . The company traded as low as $3.20 and last traded at $3.20. Approximately 4,638,860 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 31,947,277 shares. The stock had previously closed at $3.25.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on LCID shares. Stifel Nicolaus cut their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, August 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Friday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Monday. Finally, Citigroup reaffirmed a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. Based on 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 0.3 %
The stock has a market capitalization of $7.48 billion, a P/E ratio of -2.52 and a beta of 1.04. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $3.08 and a 200 day moving average price of $2.96.
Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same period in the previous year, the firm posted ($0.40) earnings per share. The company’s revenue was up 32.9% on a year-over-year basis. On average, research analysts forecast that Lucid Group, Inc. will post -1.17 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the transaction, the senior vice president now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of LCID. Sequoia Financial Advisors LLC acquired a new stake in Lucid Group during the fourth quarter worth about $78,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Lucid Group by 138.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock worth $5,544,000 after acquiring an additional 764,361 shares during the period. abrdn plc grew its holdings in Lucid Group by 95.3% during the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after acquiring an additional 976,351 shares during the period. Signaturefd LLC grew its holdings in Lucid Group by 203.9% during the fourth quarter. Signaturefd LLC now owns 17,939 shares of the company’s stock worth $76,000 after acquiring an additional 12,036 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Lucid Group during the fourth quarter worth about $203,000. 75.17% of the stock is owned by institutional investors and hedge funds.
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.