Lucid Group (NASDAQ:LCID) Stock Price Up 6.1% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 6.1% on Thursday . The company traded as high as $2.26 and last traded at $2.26. 21,500,039 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 34,649,703 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

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

Lucid Group Price Performance

The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average price of $3.23 and a 200-day moving average price of $3.09.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The firm had revenue of $200.58 million during the quarter, compared to analyst estimates 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 period in the prior year, the company earned ($0.40) earnings per share. As a group, sell-side analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -100.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Eric Bach sold 89,959 shares of Lucid Group 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 in the company, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Axim Planning & Wealth bought a new stake in shares of Lucid Group during the third quarter worth $48,000. Crumly & Associates Inc. acquired a new position in Lucid Group in the 3rd quarter worth about $38,000. Latko Wealth Management Ltd. bought a new position in Lucid Group in the third quarter valued at about $39,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Lucid Group during the third quarter valued at about $192,000. Finally, Ballentine Partners LLC grew its holdings in shares of Lucid Group by 67.3% during the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock worth $119,000 after purchasing an additional 13,554 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.