Lucid Group (NASDAQ:LCID) Trading Up 2.3% on Insider Buying Activity

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 2.3% during mid-day trading on Monday following insider buying activity. The stock traded as high as $2.31 and last traded at $2.25. 20,578,684 shares traded hands during trading, a decline of 40% from the average session volume of 34,195,262 shares. The stock had previously closed at $2.20.

Specifically, Director Public Investment Fund acquired 374,717,927 shares of the company's stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price 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 in the company, valued at $20,827,207.87. The trade was a -100.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

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

Remove Ads

Lucid Group Stock Up 1.8 %

The business has a 50-day simple moving average of $3.30 and a two-hundred day simple moving average of $3.09. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of -1.85 and a beta of 1.11.

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 company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the business posted ($0.40) earnings per share. The firm's revenue was up 32.9% compared to the same quarter last year. As a group, equities analysts predict that Lucid Group, Inc. will post -1.22 EPS for the current year.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Lucid Group by 42.9% in 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 buying an additional 732,463 shares during the period. Bank of New York Mellon Corp lifted its holdings 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 valued at $7,000,000 after buying an additional 581,082 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 0.6% in the 1st 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 during the period. Janus Henderson Group PLC lifted its holdings in shares of Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company's stock valued at $1,493,000 after buying an additional 474,534 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Lucid Group by 226.4% in the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company's stock valued at $1,238,000 after buying an additional 301,349 shares during the period. 75.17% of the stock is 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.