Short Interest in Lucid Group, Inc. (NASDAQ:LCID) Declines By 19.4%

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 220,480,000 shares, a decrease of 19.4% from the December 31st total of 273,660,000 shares. Approximately 18.8% of the shares of the stock are sold short. Based on an average trading volume of 80,300,000 shares, the days-to-cover ratio is presently 2.7 days.

Lucid Group Trading Down 3.6 %

Shares of NASDAQ:LCID opened at $2.67 on Thursday. Lucid Group has a one year low of $1.93 and a one year high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50 day simple moving average of $2.73 and a 200 day simple moving average of $3.03.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. During the same quarter in the previous year, the company posted ($0.28) earnings per share. As a group, research analysts anticipate that Lucid Group will post -1.25 EPS for the current fiscal year.

Analysts Set New Price Targets

LCID has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.04.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in the company. Vontobel Holding Ltd. increased its stake in shares of Lucid Group by 87.9% in the fourth quarter. Vontobel Holding Ltd. now owns 242,579 shares of the company’s stock valued at $733,000 after buying an additional 113,477 shares during the period. Van ECK Associates Corp grew its holdings in Lucid Group by 103.3% during the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after acquiring an additional 633,410 shares during the last quarter. First National Corp MA ADV bought a new position in shares of Lucid Group during the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group during the fourth quarter valued at $28,000. Finally, Empowered Funds LLC acquired a new position in shares of Lucid Group during the fourth quarter worth $301,000. 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.