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

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. 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 target price on shares of Lucid Group in a research note 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 note on Thursday, September 12th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average price target of $3.54.

Lucid Group Stock Performance

The stock has a market capitalization of $5.77 billion, a P/E ratio of -1.97 and a beta of 1.04. The company has a 50 day simple moving average of $3.47 and a 200-day simple moving average of $3.09. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The firm had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. On average, equities analysts forecast that Lucid Group, Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Lucid Group in the 3rd quarter worth about $192,000. Ballentine Partners LLC boosted its holdings in shares of Lucid Group by 67.3% in the 3rd quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock worth $119,000 after purchasing an additional 13,554 shares in the last quarter. Brighton Jones LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $56,000. Greenleaf Trust lifted its stake in shares of Lucid Group by 22.0% in the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after acquiring an additional 4,604 shares during the last quarter. Finally, Waldron Private Wealth LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $49,000. 75.17% of the stock is currently owned by hedge funds and other 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.