Lucid Group (NASDAQ:LCID) Trading Up 2.6%

Lucid Group, Inc. (NASDAQ:LCID) traded up 2.6% during trading on Thursday . The company traded as high as $3.30 and last traded at $3.21. 8,606,727 shares traded hands during trading, a decline of 73% from the average session volume of 32,144,131 shares. The stock had previously closed at $3.13.

Wall Street Analysts Forecast Growth

LCID has been the subject of several research analyst reports. Cantor Fitzgerald upgraded Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price objective for the company in a research report on Tuesday, August 6th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, July 8th. Stifel Nicolaus cut their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Citigroup reaffirmed a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.71.

Lucid Group Price Performance

The stock has a market cap of $7.27 billion, a price-to-earnings ratio of -2.48 and a beta of 1.04. 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 company has a 50-day simple moving average of $3.07 and a two-hundred day simple moving average of $2.97.

Lucid Group (NASDAQ:LCID) last posted 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 return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. During the same period last year, the company posted ($0.40) earnings per share. The business’s revenue was up 32.9% compared to the same quarter last year. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.17 EPS for the current year.

Insider Activity at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, 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 document filed with the SEC, which is available through this link. 61.26% of the stock is currently owned by company insiders.

Institutional Trading of Lucid Group

A number of hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its stake in Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after purchasing an additional 227,908 shares during the period. Vanguard Group Inc. increased its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the period. Charles Schwab Investment Management Inc. raised its stake in 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 worth $11,488,000 after purchasing an additional 195,519 shares in the last quarter. Ieq Capital LLC acquired a new stake in Lucid Group in the 4th quarter worth about $105,000. Finally, Vontobel Holding Ltd. boosted its holdings in Lucid Group by 157.6% in the 4th quarter. Vontobel Holding Ltd. now owns 413,706 shares of the company’s stock valued at $1,742,000 after purchasing an additional 253,121 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.