Lucid Group (NASDAQ:LCID) Trading Up 2.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 2.4% during trading on Monday . The company traded as high as $2.65 and last traded at $2.56. 21,574,891 shares changed hands during trading, a decline of 36% from the average session volume of 33,772,406 shares. The stock had previously closed at $2.50.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. 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. Finally, 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, October 7th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.54.

Lucid Group Trading Down 3.2 %

The business’s 50-day moving average price is $3.44 and its 200 day moving average price is $3.10. The company has a market cap of $5.63 billion, a P/E ratio of -1.92 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $190.30 million. During the same period last year, the business earned ($0.40) EPS. The business’s revenue was up 32.9% on a year-over-year basis. As a group, analysts expect that Lucid Group, Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In other news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Azzad Asset Management Inc. ADV bought a new stake in shares of Lucid Group during the 1st quarter worth about $91,000. Norden Group LLC bought a new stake in shares of Lucid Group during the 1st quarter worth about $32,000. First Trust Direct Indexing L.P. boosted its holdings in shares of Lucid Group by 5.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after buying an additional 4,350 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Lucid Group by 32.5% during the 1st quarter. Principal Financial Group Inc. now owns 62,289 shares of the company’s stock worth $178,000 after buying an additional 15,286 shares during the period. Finally, SpiderRock Advisors LLC bought a new stake in shares of Lucid Group during the 1st quarter worth about $231,000. 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.