Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares were up 1.4% on Thursday . The stock traded as high as $3.79 and last traded at $3.69. Approximately 6,049,489 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 32,730,131 shares. The stock had previously closed at $3.64.
Analysts Set New Price Targets
LCID has been the subject of several recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Monday, September 9th. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.71.
Get Our Latest Analysis on LCID
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly 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 return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same quarter last year, the company earned ($0.40) EPS. The firm’s revenue for the quarter was up 32.9% on a year-over-year basis. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, SVP Eric Bach sold 89,959 shares of the company’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 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 $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 61.26% of the stock is currently owned by company insiders.
Institutional Trading of Lucid Group
Several hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in Lucid Group in the second quarter valued at about $26,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the 2nd quarter valued at approximately $27,000. Frank Rimerman Advisors LLC lifted its holdings in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in shares of Lucid Group during the 1st quarter worth approximately $29,000. Finally, Norden Group LLC acquired a new stake in Lucid Group in the 1st quarter valued at approximately $32,000. Hedge funds and other 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.
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