Lucid Group (NASDAQ:LCID) Trading 0.4% Higher – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 0.4% on Thursday . The company traded as high as $2.56 and last traded at $2.50. 15,006,114 shares changed hands during trading, a decline of 55% from the average session volume of 33,688,832 shares. The stock had previously closed at $2.49.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.54.

Lucid Group Stock Performance

The firm has a 50 day simple moving average of $3.47 and a 200 day simple moving average of $3.09. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $5.77 billion, a PE ratio of -1.97 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) 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 business had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter in the prior year, the business posted ($0.40) earnings per share. The business’s revenue for the quarter was up 32.9% on a year-over-year basis. Equities analysts expect that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was 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 of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares during the period. Bank of New York Mellon Corp grew its position in Lucid Group by 27.7% during 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 during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in Lucid Group by 42.9% during the first 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. Van ECK Associates Corp grew its position in Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after buying an additional 227,908 shares during the period. Finally, Rhumbline Advisers grew its position in Lucid Group by 6.8% during the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after buying an additional 46,997 shares during the period. 75.17% of the stock is currently owned by 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.