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

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2.4% on Tuesday . The company traded as high as $2.65 and last traded at $2.61. Approximately 12,256,324 shares changed hands during trading, a decline of 63% from the average daily volume of 33,532,914 shares. The stock had previously closed at $2.55.

Analyst Upgrades and Downgrades

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

Lucid Group Price Performance

The company has a market cap of $5.74 billion, a P/E ratio of -1.96 and a beta of 1.04. The firm’s 50-day moving average is $3.50 and its two-hundred day moving average is $3.10. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID) last issued its earnings results 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 return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. Lucid Group’s revenue was up 32.9% on a year-over-year basis. Analysts anticipate that Lucid Group, Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated 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 owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares during the last quarter. Ballentine Partners LLC lifted its position in shares of Lucid Group by 154.2% during the first quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock valued at $82,000 after buying an additional 17,405 shares during the last quarter. Azzad Asset Management Inc. ADV purchased a new position in shares of Lucid Group in the 1st quarter worth approximately $91,000. Norden Group LLC purchased a new position in shares of Lucid Group in the 1st quarter worth approximately $32,000. Finally, First Trust Direct Indexing L.P. lifted its position in Lucid Group by 5.5% during the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after acquiring an additional 4,350 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.