Lucid Group (NASDAQ:LCID) Shares Gap Up - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $2.22, but opened at $2.35. Lucid Group shares last traded at $2.29, with a volume of 17,108,586 shares trading hands.

Wall Street Analyst Weigh In

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

Lucid Group Price Performance

The firm has a market cap of $5.17 billion, a P/E ratio of -1.87 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The stock's 50-day simple moving average is $3.20 and its two-hundred day simple moving average is $3.08.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $200.58 million during the quarter, compared to analysts' expectations of $190.30 million. During the same period last year, the company earned ($0.40) earnings per share. The business's revenue for the quarter was up 32.9% compared to the same quarter last year. Equities research analysts forecast that Lucid Group, Inc. will post -1.22 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 business's stock in a transaction 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 sale, the senior vice president now directly owns 2,028,268 shares of the company's stock, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the senior vice president now directly owns 2,028,268 shares of the company's stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This trade represents a -100.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 61.26% of the company's stock.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund increased its holdings 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 valued at $6,951,000 after buying an additional 732,463 shares during the period. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 27.7% in 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 acquiring an additional 581,082 shares in the last quarter. 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 last quarter. Janus Henderson Group PLC boosted its position in Lucid Group by 946.6% during the first 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. Finally, SG Americas Securities LLC grew its stake in Lucid Group by 226.4% in the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company's stock valued at $1,238,000 after purchasing an additional 301,349 shares during the last quarter. 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.