Lucid Group, Inc. (NASDAQ:LCID) Short Interest Update

Lucid Group, Inc. (NASDAQ:LCID) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 239,740,000 shares, an increase of 8.4% from the October 15th total of 221,230,000 shares. Approximately 27.6% of the company’s stock are sold short. Based on an average daily trading volume, of 27,850,000 shares, the short-interest ratio is currently 8.6 days.

Lucid Group Trading Up 1.2 %

Lucid Group stock opened at $4.22 on Thursday. The firm has a 50 day moving average of $4.93 and a 200 day moving average of $6.17. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of -3.04 and a beta of 1.17. Lucid Group has a 12-month low of $3.62 and a 12-month high of $17.81. The company has a current ratio of 5.19, a quick ratio of 4.42 and a debt-to-equity ratio of 0.38.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Lucid Group had a negative return on equity of 58.91% and a negative net margin of 380.45%. The business had revenue of $137.81 million for the quarter, compared to analysts’ expectations of $185.10 million. During the same quarter in the prior year, the business posted ($0.40) EPS. The business’s revenue for the quarter was down 29.5% compared to the same quarter last year. As a group, research analysts predict that Lucid Group will post -1.39 earnings per share for the current year.

Insider Activity

In other news, SVP Michael Bell sold 46,735 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $6.01, for a total transaction of $280,877.35. Following the sale, the senior vice president now owns 1,437,293 shares in the company, valued at approximately $8,638,130.93. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 62.50% of the company’s stock.

Institutional Trading of Lucid Group

Institutional investors have recently made changes to their positions in the business. Vontobel Holding Ltd. grew its position in shares of Lucid Group by 91.2% during the second quarter. Vontobel Holding Ltd. now owns 64,134 shares of the company’s stock worth $442,000 after purchasing an additional 30,599 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Lucid Group by 12.3% during the second quarter. Janney Montgomery Scott LLC now owns 22,280 shares of the company’s stock valued at $154,000 after purchasing an additional 2,437 shares in the last quarter. Maryland State Retirement & Pension System grew its position in shares of Lucid Group by 28.2% during the second quarter. Maryland State Retirement & Pension System now owns 58,876 shares of the company’s stock valued at $406,000 after purchasing an additional 12,948 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Lucid Group by 59.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,370 shares of the company’s stock valued at $2,085,000 after purchasing an additional 96,562 shares in the last quarter. Finally, Guggenheim Capital LLC grew its stake in shares of Lucid Group by 18.3% in the 1st quarter. Guggenheim Capital LLC now owns 332,386 shares of the company’s stock worth $2,672,000 after buying an additional 51,347 shares in the last quarter.

Analyst Ratings Changes

Several research firms have commented on LCID. Cantor Fitzgerald downgraded Lucid Group from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $6.00 in a report on Wednesday, November 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of Lucid Group in a research report on Tuesday, September 19th. R. F. Lafferty downgraded shares of Lucid Group from a “buy” rating to a “hold” rating and lowered their price objective for the company from $10.00 to $5.00 in a research report on Wednesday, November 8th. Citigroup decreased their target price on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating for the company in a research note on Wednesday, August 9th. Finally, Needham & Company LLC cut their price objective on Lucid Group from $9.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.55.

About Lucid Group

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.