Lucid Group (NASDAQ:LCID) Trading Up 3.4% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 3.4% on Monday . The stock traded as high as $2.97 and last traded at $2.89. Approximately 36,660,008 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 82,442,555 shares. The stock had previously closed at $2.79.

Analyst Upgrades and Downgrades

Several brokerages have commented on LCID. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $3.04.

Lucid Group Stock Down 1.4 %

The stock has a 50-day moving average price of $2.70 and a 200-day moving average price of $3.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market capitalization of $8.28 billion, a P/E ratio of -2.05 and a beta of 0.94.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly 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 return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $200.04 million for the quarter, compared to the consensus estimate of $199.50 million. During the same quarter in the previous year, the business posted ($0.28) EPS. On average, research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the business's stock in a transaction on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares of the company's stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Yousif Capital Management LLC acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $32,000. Sanctuary Advisors LLC bought a new position in Lucid Group in the second quarter worth approximately $26,000. Crumly & Associates Inc. acquired a new stake in Lucid Group in the third quarter valued at approximately $38,000. Wedge Capital Management L L P NC bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $33,000. Finally, Latko Wealth Management Ltd. acquired a new position in shares of Lucid Group during the third quarter worth approximately $39,000. 75.17% of the stock is owned by institutional investors.

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.