Lucid Group (NASDAQ:LCID) Trading 2.3% Higher Following Insider Buying Activity

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 2.3% on Monday after an insider bought additional shares in the company. The company traded as high as $2.31 and last traded at $2.25. 20,578,684 shares were traded during mid-day trading, a decline of 40% from the average session volume of 34,195,262 shares. The stock had previously closed at $2.20.

Specifically, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.54.

Lucid Group Price Performance

The stock has a 50-day simple moving average of $3.30 and a 200 day simple moving average of $3.09. The company has a market cap of $5.26 billion, a PE ratio of -1.86 and a beta of 1.11. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

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 the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter last year, the firm posted ($0.40) earnings per share. The firm’s quarterly revenue was up 32.9% on a year-over-year basis. Equities analysts expect that Lucid Group, Inc. will post -1.22 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. 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 valued at $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Bank of New York Mellon Corp grew its stake 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 buying an additional 581,082 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Lucid Group by 42.9% in 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 during the period. Rhumbline Advisers lifted its stake in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after acquiring an additional 474,534 shares during the period. 75.17% of the stock is 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.