Lucid Group (NASDAQ:LCID) Trading Up 1.5%

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 1.5% during trading on Monday . The company traded as high as $4.08 and last traded at $4.02. Approximately 30,259,301 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 32,805,566 shares. The stock had previously closed at $3.96.

Analysts Set New Price Targets

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

Lucid Group Price Performance

The stock has a market cap of $8.81 billion, a PE ratio of -3.01 and a beta of 1.04. The business has a fifty day simple moving average of $3.37 and a two-hundred day simple moving average of $3.00. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results 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 firm had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.40) earnings per share. Research analysts forecast that Lucid Group, Inc. will post -1.27 earnings per share for the current year.

Insider Buying and Selling

In related 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 transaction of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Lucid Group by 0.6% in the first 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 purchased a new stake in Lucid Group during the 4th quarter valued at about $22,208,000. Charles Schwab Investment Management Inc. grew its position in Lucid Group by 7.7% during 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 purchasing an additional 195,519 shares during the last quarter. Bank of New York Mellon Corp raised its holdings 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 buying an additional 581,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings 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 buying an additional 732,463 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.