Lucid Group (NASDAQ:LCID) Hits New 1-Year Low on Insider Selling

Shares of Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low on Tuesday following insider selling activity. The company traded as low as $5.44 and last traded at $5.53, with a volume of 10344232 shares traded. The stock had previously closed at $5.64.

Specifically, SVP Michael Bell sold 46,735 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $6.01, for a total value of $280,877.35. Following the sale, the senior vice president now directly owns 1,437,293 shares in the company, valued at approximately $8,638,130.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Public Investment Fund bought 265,693,703 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was bought at an average cost of $6.83 per share, for a total transaction of $1,814,687,991.49. Following the acquisition, the director now directly owns 1,366,658,905 shares of the company’s stock, valued at approximately $9,334,280,321.15. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Bell sold 46,735 shares of Lucid Group stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $6.01, for a total value of $280,877.35. Following the completion of the transaction, the senior vice president now directly owns 1,437,293 shares of the company’s stock, valued at $8,638,130.93. The disclosure for this sale can be found here. Company insiders own 62.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on LCID shares. Needham & Company LLC decreased their target price on Lucid Group from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, August 8th. Citigroup cut their price target on Lucid Group from $8.00 to $7.50 and set a “neutral” rating on the stock in a research report on Wednesday, August 9th. Bank of America began coverage on shares of Lucid Group in a research report on Monday, July 17th. They set a “neutral” rating and a $8.00 price objective on the stock. Robert W. Baird started coverage on shares of Lucid Group in a report on Tuesday, September 5th. They issued a “neutral” rating and a $7.00 target price for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price target on shares of Lucid Group in a report on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average price target of $8.15.

Lucid Group Price Performance

The company has a market cap of $12.69 billion, a price-to-earnings ratio of -3.63 and a beta of 1.05. The company has a quick ratio of 6.11, a current ratio of 7.07 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $6.57 and a two-hundred day simple moving average of $7.08.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, August 7th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.05). The business had revenue of $150.90 million for the quarter, compared to analysts’ expectations of $181.58 million. Lucid Group had a negative net margin of 337.97% and a negative return on equity of 64.02%. The business’s revenue was up 55.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.33) earnings per share. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the stock. 1832 Asset Management L.P. purchased a new stake in Lucid Group during the 1st quarter worth about $25,000. First Manhattan Co. lifted its stake in shares of Lucid Group by 666.7% during the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Hexagon Capital Partners LLC acquired a new stake in shares of Lucid Group during the second quarter worth $34,000. Itau Unibanco Holding S.A. grew its position in shares of Lucid Group by 283.3% in the second quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock valued at $34,000 after purchasing an additional 3,671 shares during the period. Finally, Twin Tree Management LP purchased a new stake in shares of Lucid Group in the first quarter valued at $35,000.

About Lucid Group

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.