Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 2.8% on Friday . The company traded as high as $2.84 and last traded at $2.80. Approximately 19,397,420 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 81,508,547 shares. The stock had previously closed at $2.72.
Wall Street Analysts Forecast Growth
LCID has been the subject of a number of research analyst reports. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Tuesday, November 19th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $3.04.
Read Our Latest Analysis on Lucid Group
Lucid Group Stock Performance
The firm's 50 day simple moving average is $2.69 and its 200-day simple moving average is $3.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of -2.08 and a beta of 0.94.
Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $200.04 million for the quarter, compared to analyst estimates of $199.50 million. During the same period last year, the firm earned ($0.28) earnings per share. Analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.
Insider Transactions at Lucid Group
In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Lucid Group
Several hedge funds have recently bought and sold shares of LCID. Sanctuary Advisors LLC bought a new stake in Lucid Group during the second quarter valued at about $26,000. Wedge Capital Management L L P NC bought a new stake in shares of Lucid Group in the fourth quarter valued at about $33,000. Foster Group Inc. bought a new stake in shares of Lucid Group in the fourth quarter valued at about $33,000. Kingswood Wealth Advisors LLC bought a new stake in shares of Lucid Group in the fourth quarter valued at about $34,000. Finally, Atlas Private Wealth Advisors bought a new stake in shares of Lucid Group in the fourth quarter valued at about $35,000. 75.17% of the stock is owned by institutional investors and hedge funds.
About Lucid Group
(
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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.
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