Short Interest in Lucid Group, Inc. (NASDAQ:LCID) Expands By 6.8%

Lucid Group, Inc. (NASDAQ:LCID) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 253,600,000 shares, an increase of 6.8% from the July 15th total of 237,500,000 shares. Approximately 29.3% of the shares of the company are short sold. Based on an average daily trading volume, of 30,820,000 shares, the days-to-cover ratio is currently 8.2 days.

Insider Activity at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in shares of Lucid Group in the fourth quarter worth approximately $28,000. Capital Performance Advisors LLP bought a new position in shares of Lucid Group in the 4th quarter worth $43,000. MGO Private Wealth LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at $43,000. Frank Rimerman Advisors LLC lifted its holdings in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the last quarter. Finally, Meeder Advisory Services Inc. purchased a new position in Lucid Group in the first quarter worth $29,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

Lucid Group stock traded down $0.04 during midday trading on Friday, reaching $3.15. 24,459,507 shares of the stock were exchanged, compared to its average volume of 32,195,455. Lucid Group has a 52 week low of $2.29 and a 52 week high of $6.48. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The firm has a market cap of $7.27 billion, a PE ratio of -2.48 and a beta of 1.04. The company’s fifty day moving average is $3.07 and its 200-day moving average is $2.97.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same period in the previous year, the company posted ($0.40) EPS. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group will post -1.17 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on LCID shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research report on Friday. Stifel Nicolaus cut their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Citigroup reiterated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Cantor Fitzgerald upgraded shares of Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price target on the stock in a research note on Tuesday, August 6th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.71.

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.