Lucid Group (NASDAQ:LCID) Trading 2.4% Higher – Here’s Why

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

Analyst Upgrades and Downgrades

LCID has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, 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. One research 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 currently has a consensus rating of “Hold” and an average price target of $3.54.

Lucid Group Price Performance

The company’s 50-day simple moving average is $3.52 and its 200 day simple moving average is $3.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The company has a market cap of $6.00 billion, a PE ratio of -2.06 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data 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 return on equity of 55.35% and a negative net margin of 390.39%. The business had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same period in the prior year, the company posted ($0.40) earnings per share. The company’s revenue was up 32.9% compared to the same quarter last year. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were 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 of the company’s stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their position. The sale 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.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Greenleaf Trust raised its holdings in shares of Lucid Group by 22.0% in the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the period. Waldron Private Wealth LLC acquired a new position in shares of Lucid Group during the 3rd quarter valued at $49,000. Signaturefd LLC boosted its position in Lucid Group by 39.8% during the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after purchasing an additional 10,383 shares during the period. Friedenthal Financial acquired a new stake in shares of Lucid Group in the third quarter valued at about $50,000. Finally, Bleakley Financial Group LLC purchased a new stake in shares of Lucid Group during the third quarter valued at approximately $49,000. 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.