Lucid Group (NASDAQ:LCID) Trading Up 1.8% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 1.8% during trading on Friday . The stock traded as high as $2.36 and last traded at $2.26. Approximately 31,386,943 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 34,922,746 shares. The stock had previously closed at $2.22.

Analysts Set New Price Targets

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

Lucid Group Stock Down 0.5 %

The company has a market cap of $5.17 billion, a price-to-earnings ratio of -1.87 and a beta of 1.11. The firm’s fifty day simple moving average is $3.20 and its 200 day simple moving average is $3.08. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last released 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 business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The company’s revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.40) EPS. Sell-side analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing 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 firm’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed 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 on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following 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 disclosure for this sale can be found here. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the period. Bank of New York Mellon Corp increased its position in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after buying an additional 732,463 shares during the period. Rhumbline Advisers raised its stake in shares of Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after acquiring an additional 46,997 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after purchasing an additional 474,534 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.