Lucid Group (NASDAQ:LCID) Trading 0.4% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares rose 0.4% during mid-day trading on Thursday . The stock traded as high as $2.56 and last traded at $2.50. Approximately 15,006,114 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 33,688,832 shares. The stock had previously closed at $2.49.

Wall Street Analyst Weigh In

Several brokerages recently commented on LCID. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.54.

Lucid Group Price Performance

The firm has a 50-day simple moving average of $3.50 and a 200-day simple moving average of $3.10. The firm has a market capitalization of $5.72 billion, a PE ratio of -1.97 and a beta of 1.04. 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 posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (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 business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same period in the previous year, the business posted ($0.40) EPS. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. As a group, equities analysts forecast that Lucid Group, Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction 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 transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in Lucid Group in the 2nd quarter worth $26,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the second quarter valued at about $27,000. Frank Rimerman Advisors LLC boosted its stake in shares of Lucid Group by 925.0% in the second 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 period. Meeder Advisory Services Inc. purchased a new stake in shares of Lucid Group during the first quarter worth about $29,000. Finally, Norden Group LLC bought a new stake in Lucid Group during the 1st quarter valued at approximately $32,000. 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.