Lucid Group (NASDAQ:LCID) Shares Up 2.3%

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 2.3% on Thursday . The company traded as high as $3.56 and last traded at $3.50. 6,800,735 shares changed hands during trading, a decline of 79% from the average session volume of 32,700,725 shares. The stock had previously closed at $3.42.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Monday. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, July 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. One investment 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 an average target price of $3.71.

Lucid Group Stock Up 2.6 %

The stock has a market capitalization of $8.10 billion, a P/E ratio of -2.76 and a beta of 1.05. The business has a 50-day simple moving average of $3.53 and a two-hundred day simple moving average of $3.04. 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 announced its quarterly earnings results 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 firm had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. During the same period in the prior year, the business earned ($0.40) earnings per share. The company’s revenue for the quarter was up 32.9% on a year-over-year basis. Equities research analysts forecast that Lucid Group, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the company’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 completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Lucid Group by 0.6% in the first 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 in the last quarter. Norges Bank acquired a new stake in Lucid Group in the fourth quarter valued at $22,208,000. Charles Schwab Investment Management Inc. grew its position in shares of Lucid Group by 7.7% in 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 acquiring an additional 195,519 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 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 worth $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake 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 purchasing an additional 732,463 shares during the last quarter. 75.17% of the stock is currently 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.