Lucid Group (NASDAQ:LCID) Stock Price Up 9.4%

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 9.4% on Friday . The stock traded as high as $4.23 and last traded at $4.21. 22,484,895 shares traded hands during trading, a decline of 30% from the average session volume of 32,194,943 shares. The stock had previously closed at $3.85.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on LCID shares. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Monday, August 19th. Stifel Nicolaus dropped their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.71.

Lucid Group Stock Performance

The company has a market cap of $9.69 billion, a P/E ratio of -3.31 and a beta of 1.04. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The company has a 50 day moving average price of $3.17 and a 200-day moving average price of $2.98.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) EPS. Equities analysts expect that Lucid Group, Inc. will post -1.17 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In related 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 transaction, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. abrdn plc raised its position in Lucid Group by 95.3% in the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after acquiring an additional 976,351 shares in the last quarter. Signaturefd LLC lifted its stake in Lucid Group by 203.9% during the fourth quarter. Signaturefd LLC now owns 17,939 shares of the company’s stock valued at $76,000 after purchasing an additional 12,036 shares during the last quarter. CWM LLC boosted its holdings in Lucid Group by 75.7% during the fourth quarter. CWM LLC now owns 24,587 shares of the company’s stock worth $104,000 after buying an additional 10,593 shares in the last quarter. GAMMA Investing LLC acquired a new position in Lucid Group in the fourth quarter worth approximately $28,000. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Lucid Group by 9.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 598,064 shares of the company’s stock valued at $2,518,000 after buying an additional 52,833 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.