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

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 3.7% on Tuesday . The stock traded as low as $2.80 and last traded at $2.96. Approximately 52,166,938 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 83,847,789 shares. The stock had previously closed at $3.07.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Finally, Royal Bank of Canada lowered their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Price Performance

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

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same period last year, the firm earned ($0.28) earnings per share. On average, equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co boosted its position in shares of 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 worth $62,000 after acquiring an additional 3,816 shares in the last quarter. Greenleaf Trust lifted its stake in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the last quarter. GAMMA Investing LLC lifted its stake 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 purchasing an additional 5,031 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of 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 purchasing an additional 5,121 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of Lucid Group by 12.5% in the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after purchasing an additional 5,337 shares during the last quarter. 75.17% of the stock is owned by 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.