Lucid Group (NASDAQ:LCID) Trading 1.9% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 1.9% during trading on Monday . The company traded as high as $3.22 and last traded at $3.21. Approximately 5,587,334 shares traded hands during trading, a decline of 83% from the average daily volume of 32,028,721 shares. The stock had previously closed at $3.15.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LCID shares. Stifel Nicolaus cut their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, August 6th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research note on Friday, August 16th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Monday. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Stock Performance

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a market cap of $8.26 billion, a PE ratio of -2.70 and a beta of 1.04. The stock’s 50 day moving average price is $3.09 and its 200 day moving average price is $2.96.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same period last year, the business earned ($0.40) earnings per share. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, equities analysts forecast that Lucid Group, Inc. will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction on 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 directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the business. abrdn plc boosted its stake in shares of Lucid Group by 95.3% during the 4th quarter. abrdn plc now owns 2,001,372 shares of the company’s stock valued at $8,426,000 after buying an additional 976,351 shares during the last quarter. Signaturefd LLC grew its holdings in Lucid Group by 203.9% during the 4th quarter. Signaturefd LLC now owns 17,939 shares of the company’s stock worth $76,000 after acquiring an additional 12,036 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Lucid Group during the 4th quarter worth $203,000. CWM LLC increased its position in shares of Lucid Group by 75.7% in the 4th quarter. CWM LLC now owns 24,587 shares of the company’s stock worth $104,000 after purchasing an additional 10,593 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Lucid Group during the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds 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.