Lucid Group (NASDAQ:LCID) Shares Up 2%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 2% during mid-day trading on Friday . The company traded as high as $4.06 and last traded at $4.04. Approximately 7,640,349 shares traded hands during trading, a decline of 77% from the average daily volume of 32,670,930 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Tuesday, August 6th. Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Monday, August 19th. Stifel Nicolaus lowered their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.71.

Lucid Group Stock Performance

The stock has a market capitalization of $9.27 billion, a PE ratio of -3.18 and a beta of 1.04. The business’s fifty day moving average is $3.29 and its two-hundred day moving average is $3.00. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s quarterly revenue was up 32.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) earnings per share. As a group, research analysts anticipate that Lucid Group, Inc. will post -1.17 EPS 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 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 of the company’s stock, valued at $6,368,761.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Vanguard Group Inc. boosted its position in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares during the period. Norges Bank bought a new position in Lucid Group in the fourth quarter worth approximately $22,208,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares in the last quarter. Bank of New York Mellon Corp increased its holdings 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 worth $7,000,000 after purchasing an additional 581,082 shares during the period. Finally, Janus Henderson Group PLC raised its position in Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after purchasing an additional 474,534 shares in the last quarter. 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.