Lucid Group (NASDAQ:LCID) Shares Gap Up – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares gapped up before the market opened on Friday . The stock had previously closed at $2.22, but opened at $2.35. Lucid Group shares last traded at $2.29, with a volume of 17,108,586 shares trading hands.

Analysts Set New Price Targets

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

Lucid Group Trading Down 4.5 %

The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The company has a fifty day moving average of $3.20 and a two-hundred day moving average of $3.08. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -1.87 and a beta of 1.11.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The business had revenue of $200.58 million for 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%. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.40) EPS. On average, research analysts expect that Lucid Group, Inc. will post -1.22 EPS for the current year.

Insider Activity

In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -100.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the second quarter valued at approximately $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group in the 2nd quarter valued at about $27,000. Frank Rimerman Advisors LLC raised its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. acquired a new stake in Lucid Group in the first quarter valued at $29,000. Finally, Norden Group LLC acquired a new stake in shares of Lucid Group in the first quarter valued at approximately $32,000. 75.17% of the stock is owned by 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.