Lucid Group (NASDAQ:LCID) Trading Up 2%

Lucid Group, Inc. (NASDAQ:LCID) was up 2% during mid-day trading on Tuesday . The stock traded as high as $3.62 and last traded at $3.53. Approximately 7,847,719 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 32,800,133 shares. The stock had previously closed at $3.46.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. 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 Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Monday. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, July 8th. One equities 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.com, the company currently has an average rating of “Hold” and a consensus price target of $3.71.

Lucid Group Stock Up 3.5 %

The firm has a market capitalization of $8.26 billion, a PE ratio of -2.78 and a beta of 1.05. The firm’s 50 day moving average price is $3.55 and its two-hundred day moving average price is $3.04. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

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

Insider Buying and Selling at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the stock in a transaction 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina lifted its position in shares of Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock worth $1,391,000 after buying an additional 3,230 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its stake in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares during the period. Principal Financial Group Inc. grew its stake in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the last quarter. Heritage Wealth Advisors grew its stake in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the last quarter. Finally, First Trust Direct Indexing L.P. grew its stake in shares of Lucid Group by 5.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after purchasing an additional 4,350 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.