Lucid Group (NASDAQ:LCID) Receives Hold Rating from Needham & Company LLC

Lucid Group (NASDAQ:LCID - Get Free Report)'s stock had its "hold" rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports.

LCID has been the topic of several other research reports. Robert W. Baird reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reissued a "sector perform" rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $4.00 price target 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 data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $3.54.

Lucid Group Stock Down 0.5 %

NASDAQ:LCID traded down $0.01 during trading hours on Friday, hitting $2.21. The company's stock had a trading volume of 102,735,633 shares, compared to its average volume of 35,251,543. The stock has a market capitalization of $5.17 billion, a P/E ratio of -1.87 and a beta of 1.11. The stock has a fifty day moving average of $3.20 and a 200-day moving average of $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 has a 52-week low of $2.02 and a 52-week high of $5.31.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate 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 business's quarterly revenue was up 32.9% compared to the same quarter last year. During the same period last year, the company earned ($0.40) EPS. On average, equities analysts forecast that Lucid Group will post -1.22 earnings per share for the current year.

Insider Activity at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total value 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 $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Eric Bach sold 89,959 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total value 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 $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now 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 disclosure for this purchase can be found here. 61.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Lucid Group by 42.9% during the 1st 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 acquiring an additional 732,463 shares during the period. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $7,000,000 after acquiring an additional 581,082 shares during the period. Vanguard Group Inc. raised its position 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 raised its position in shares of Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company's stock worth $1,493,000 after purchasing an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Lucid Group by 226.4% during the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company's stock worth $1,238,000 after purchasing an additional 301,349 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.