Lucid Group (NASDAQ:LCID) Stock Price Up 3.4%

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 3.4% during trading on Tuesday . The stock traded as high as $3.94 and last traded at $3.90. 6,792,328 shares traded hands during trading, a decline of 79% from the average session volume of 32,723,631 shares. The stock had previously closed at $3.77.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research analyst reports. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Monday, September 9th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.71.

Lucid Group Stock Down 0.8 %

The company has a market capitalization of $8.33 billion, a price-to-earnings ratio of -2.83 and a beta of 1.05. The firm’s 50 day moving average price is $3.56 and its two-hundred day moving average price is $3.03. 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 released its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. The business’s revenue was up 32.9% on a year-over-year basis. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Vanguard Group Inc. raised its holdings in Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after buying an additional 9,175,312 shares during the last quarter. Norges Bank acquired a new stake in shares of Lucid Group in the 4th quarter worth about $22,208,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in 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 acquiring an additional 732,463 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Finally, Janus Henderson Group PLC increased 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 worth $1,493,000 after purchasing an additional 474,534 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.