Lucid Group (NASDAQ:LCID) Shares Up 2.4% – What’s Next?

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

Analysts Set New Price Targets

LCID has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. 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, October 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Thursday, September 12th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of “Hold” and an average target price of $3.54.

Lucid Group Stock Up 0.4 %

The stock has a market cap of $5.79 billion, a price-to-earnings ratio of -2.02 and a beta of 1.04. The stock has a 50 day simple moving average of $3.47 and a 200 day simple moving average of $3.10. 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 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 net margin of 390.39% and a negative return on equity of 55.35%. The business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the business posted ($0.40) EPS. The business’s revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, analysts expect that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

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 completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new position in shares of Lucid Group during the second quarter valued at about $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group during the 2nd quarter worth approximately $27,000. Frank Rimerman Advisors LLC boosted its stake 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 buying an additional 9,250 shares during the last quarter. Meeder Advisory Services Inc. bought a new position in shares of Lucid Group in the first quarter valued at approximately $29,000. Finally, Norden Group LLC purchased a new stake in shares of Lucid Group during the first quarter valued at approximately $32,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.