Insider Buying: Lucid Group, Inc. (NASDAQ:LCID) Director Acquires 374,717,927 Shares of Stock

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) Director Public Investment Fund bought 374,717,927 shares of the company's stock in a transaction on Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -100.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Lucid Group Stock Up 3.2 %

Shares of LCID stock traded up $0.07 during trading on Monday, reaching $2.27. The company's stock had a trading volume of 42,729,371 shares, compared to its average volume of 34,299,254. Lucid Group, Inc. has a 1-year low of $2.20 and a 1-year high of $5.31. The stock's 50-day moving average price is $3.34 and its 200 day moving average price is $3.09. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of -1.86 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.

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). The company had revenue of $200.58 million for the quarter, compared to analysts' expectations of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The firm's revenue was up 32.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.40) EPS. On average, research analysts anticipate that Lucid Group, Inc. will post -1.22 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on LCID. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Wednesday, September 11th. Royal Bank of Canada reissued a "sector perform" rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Robert W. Baird reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and a consensus target price of $3.54.

Institutional Trading of Lucid Group

A number of large investors have recently made changes to their positions in the company. Van ECK Associates Corp increased its holdings in shares of Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company's stock valued at $2,558,000 after acquiring an additional 227,908 shares during the last quarter. CWM LLC raised its stake in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company's stock worth $121,000 after buying an additional 6,771 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company's stock valued at $238,659,000 after buying an additional 489,187 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Lucid Group by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company's stock worth $1,242,000 after acquiring an additional 23,752 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Lucid Group by 42.9% in 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 acquiring an additional 732,463 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.