Lucid Group (NASDAQ:LCID) Shares Down 0.3% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 0.3% during mid-day trading on Monday . The stock traded as low as $3.06 and last traded at $3.07. 66,742,073 shares were traded during trading, a decline of 26% from the average session volume of 90,676,616 shares. The stock had previously closed at $3.08.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Down 6.8 %

The firm has a 50-day simple moving average of $2.65 and a 200 day simple moving average of $3.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market capitalization of $8.61 billion, a PE ratio of -2.13 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $200.04 million for the quarter, compared to analysts’ expectations of $199.50 million. During the same period in the previous year, the firm posted ($0.28) earnings per share. On average, research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction 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. This trade represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. grew its stake in Lucid Group by 55.4% in the fourth quarter. Geneos Wealth Management Inc. now owns 19,849 shares of the company’s stock worth $60,000 after purchasing an additional 7,080 shares in the last quarter. Atlas Private Wealth Advisors acquired a new position in Lucid Group in the fourth quarter worth about $35,000. SG Americas Securities LLC grew its stake in Lucid Group by 3.4% in the fourth quarter. SG Americas Securities LLC now owns 157,160 shares of the company’s stock worth $475,000 after purchasing an additional 5,121 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Lucid Group in the fourth quarter worth about $33,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.