Lucid Group (NASDAQ:LCID) Stock Price Up 1.3% After Insider Buying Activity

Lucid Group, Inc. (NASDAQ:LCID) rose 1.3% during trading on Tuesday following insider buying activity. The stock traded as high as $2.29 and last traded at $2.27. Approximately 11,236,541 shares were traded during trading, a decline of 67% from the average daily volume of 34,270,387 shares. The stock had previously closed at $2.24.

Specifically, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -100.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

LCID has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Finally, Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.54.

Lucid Group Stock Up 0.9 %

The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of -1.88 and a beta of 1.11. The business has a 50 day simple moving average of $3.30 and a 200-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.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to analyst estimates 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 last year, the business earned ($0.40) earnings per share. On average, equities analysts expect that Lucid Group, Inc. will post -1.22 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Pine Valley Investments Ltd Liability Co boosted its holdings in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares during the period. Principal Financial Group Inc. boosted its holdings in Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after acquiring an additional 3,715 shares during the period. Heritage Wealth Advisors boosted its holdings in Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in Lucid Group by 5.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after acquiring an additional 4,350 shares during the period. Finally, Greenleaf Trust boosted its holdings in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after acquiring an additional 4,604 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.