Lucid Group (NASDAQ:LCID) Trading 1.4% Higher

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 1.4% on Monday . The company traded as high as $3.56 and last traded at $3.54. 7,185,985 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 32,828,523 shares. The stock had previously closed at $3.49.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Monday. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.71.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The business has a 50-day moving average price of $3.55 and a 200 day moving average price of $3.03. The stock has a market capitalization of $7.98 billion, a P/E ratio of -2.77 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data 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). The business had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business’s revenue was up 32.9% compared to the same quarter last year. During the same period last year, the company posted ($0.40) earnings per share. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -1.22 EPS for the current fiscal year.

Insider Activity

In other news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction on 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 directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in the company. DDFG Inc acquired a new position in Lucid Group during the fourth quarter valued at $47,000. Charles Schwab Investment Management Inc. increased its stake in Lucid Group by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after purchasing an additional 195,519 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Lucid Group by 46.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 96,540 shares of the company’s stock valued at $406,000 after acquiring an additional 30,398 shares in the last quarter. Norges Bank purchased a new stake in Lucid Group during the fourth quarter worth about $22,208,000. Finally, Commerce Bank lifted its holdings in shares of Lucid Group by 159.9% in the fourth quarter. Commerce Bank now owns 81,334 shares of the company’s stock valued at $342,000 after purchasing an additional 50,037 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.