Lucid Group (NASDAQ:LCID) Stock Price Up 2.3%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 2.3% during mid-day trading on Thursday . The company traded as high as $3.56 and last traded at $3.50. Approximately 6,800,735 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 32,700,725 shares. The stock had previously closed at $3.42.

Analyst Upgrades and Downgrades

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

Lucid Group Stock Performance

The stock has a market cap of $8.10 billion, a price-to-earnings ratio of -2.76 and a beta of 1.05. The company’s fifty day simple moving average is $3.53 and its two-hundred day simple moving average is $3.04. 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 announced 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). The business had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.40) EPS. On average, analysts forecast that Lucid Group, Inc. will post -1.27 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Vanguard Group Inc. increased 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 worth $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Norges Bank bought a new position in Lucid Group during the fourth quarter worth about $22,208,000. Charles Schwab Investment Management Inc. increased its stake in shares of Lucid Group by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after purchasing an additional 195,519 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of 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 valued at $7,000,000 after purchasing an additional 581,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after buying an additional 732,463 shares in the last quarter. 75.17% of the stock is currently 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.