Short Interest in Lucid Group, Inc. (NASDAQ:LCID) Increases By 8.4%

Lucid Group, Inc. (NASDAQ:LCID) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 239,740,000 shares, a growth of 8.4% from the October 15th total of 221,230,000 shares. Based on an average daily trading volume, of 27,850,000 shares, the days-to-cover ratio is presently 8.6 days. Currently, 27.6% of the company’s stock are sold short.

Insider Activity

In other Lucid Group news, SVP Michael Bell sold 46,735 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $6.01, for a total transaction of $280,877.35. Following the completion of the sale, the senior vice president now directly owns 1,437,293 shares in the company, valued at approximately $8,638,130.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 62.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quent Capital LLC increased its stake in Lucid Group by 184.6% during the third quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock valued at $25,000 after acquiring an additional 2,907 shares during the period. 1832 Asset Management L.P. bought a new stake in shares of Lucid Group during the first quarter valued at approximately $25,000. First Manhattan Co. raised its stake in shares of Lucid Group by 666.7% in the first quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares in the last quarter. Hexagon Capital Partners LLC bought a new position in Lucid Group in the second quarter worth $34,000. Finally, Itau Unibanco Holding S.A. boosted its stake in Lucid Group by 283.3% during the second quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock worth $34,000 after buying an additional 3,671 shares in the last quarter.

Lucid Group Stock Down 1.6 %

Shares of Lucid Group stock traded down $0.07 during trading on Friday, reaching $4.21. The company’s stock had a trading volume of 17,966,584 shares, compared to its average volume of 32,227,414. The business’s fifty day moving average price is $4.89 and its 200-day moving average price is $6.16. Lucid Group has a one year low of $3.62 and a one year high of $17.81. The company has a current ratio of 5.19, a quick ratio of 4.42 and a debt-to-equity ratio of 0.38.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Lucid Group had a negative net margin of 380.45% and a negative return on equity of 58.91%. The business had revenue of $137.81 million during the quarter, compared to the consensus estimate of $185.10 million. During the same period in the prior year, the company posted ($0.40) earnings per share. The firm’s revenue was down 29.5% compared to the same quarter last year. Analysts forecast that Lucid Group will post -1.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on LCID shares. R. F. Lafferty cut Lucid Group from a “buy” rating to a “hold” rating and reduced their price objective for the company from $10.00 to $5.00 in a research report on Wednesday, November 8th. Citigroup reduced their target price on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating for the company in a research note on Wednesday, August 9th. Cantor Fitzgerald lowered shares of Lucid Group from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $6.00 in a research note on Wednesday, November 8th. Robert W. Baird initiated coverage on shares of Lucid Group in a research note on Tuesday, September 5th. They issued a “neutral” rating and a $7.00 price objective for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 target price on shares of Lucid Group in a research report on Tuesday, September 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $6.55.

About Lucid Group

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.