Lucid Group (NASDAQ:LCID) Trading 1.4% Higher

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 1.4% during trading on Monday . The stock traded as high as $3.56 and last traded at $3.54. 7,185,985 shares changed hands during trading, a decline of 78% from the average session volume of 32,828,523 shares. The stock had previously closed at $3.49.

Analyst Ratings Changes

Several research analysts have recently weighed in on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, July 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Monday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average target price of $3.71.

Lucid Group Price Performance

The company has a fifty day moving average of $3.55 and a 200-day moving average of $3.03. The firm has a market cap of $7.98 billion, a P/E ratio of -2.77 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.

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

Insider Buying and Selling at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares during the last quarter. Norges Bank bought a new position in Lucid Group in the fourth quarter worth approximately $22,208,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Lucid Group by 946.6% in the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after purchasing an additional 474,534 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.