Lucid Group (NASDAQ:LCID) Trading Up 1.4%

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 1.4% during mid-day trading on Thursday . The stock traded as high as $3.79 and last traded at $3.69. Approximately 6,049,489 shares were traded during trading, a decline of 82% from the average daily volume of 32,730,131 shares. The stock had previously closed at $3.64.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Monday, September 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Stock Down 1.1 %

The firm has a market cap of $8.31 billion, a price-to-earnings ratio of -2.83 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The firm’s 50 day moving average price is $3.56 and its two-hundred day moving average price is $3.03.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. Lucid Group’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.40) EPS. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp raised its holdings in Lucid Group by 34.0% in the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after acquiring an additional 227,908 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after acquiring an additional 195,519 shares during the last quarter. KBC Group NV lifted its holdings in Lucid Group by 19.2% in the 4th quarter. KBC Group NV now owns 39,171 shares of the company’s stock valued at $165,000 after acquiring an additional 6,323 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Lucid Group by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after buying an additional 23,752 shares during the period. 75.17% of the stock is 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.