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

Key Points

• Lucid Group, Inc. experienced a dramatic 89.5% decline in short interest from 367 million shares to 38 million shares in August, indicating a shift in market sentiment.
• The current short-interest ratio is 2.8 days, with approximately 31.1% of the company's stock sold short based on daily trading volume.
• Despite recent upgrades from several analysts, the consensus target price for Lucid Group remains at $23.31, with a current market price around $19.90.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 38,410,000 shares, a decline of 89.5% from the August 15th total of 367,060,000 shares. Based on an average daily volume of 13,690,000 shares, the days-to-cover ratio is currently 2.8 days. Currently, 31.1% of the company's stock are sold short. Currently, 31.1% of the company's stock are sold short. Based on an average daily volume of 13,690,000 shares, the days-to-cover ratio is currently 2.8 days.

Lucid Group Stock Performance

Shares of Lucid Group stock traded up $0.57 on Monday, hitting $19.84. The stock had a trading volume of 6,875,087 shares, compared to its average volume of 11,831,767. Lucid Group has a 52-week low of $15.25 and a 52-week high of $39.60. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The stock has a market cap of $6.10 billion, a price-to-earnings ratio of -1.73 and a beta of 0.78. The company's 50 day moving average price is $22.79 and its 200 day moving average price is $23.22.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm had revenue of $259.43 million during the quarter, compared to analysts' expectations of $288.10 million. During the same period in the previous year, the firm posted ($2.90) earnings per share. The firm's revenue for the quarter was up 29.3% on a year-over-year basis. On average, research analysts anticipate that Lucid Group will post -1.25 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on LCID shares. Cantor Fitzgerald boosted their target price on Lucid Group to $20.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Stifel Nicolaus set a $2.10 price target on Lucid Group in a report on Friday, August 29th. Finally, Morgan Stanley lifted their price target on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $23.31.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sterling Investment Counsel LLC purchased a new stake in Lucid Group during the 1st quarter valued at approximately $25,000. HB Wealth Management LLC acquired a new position in Lucid Group during the 1st quarter worth approximately $25,000. Cigna Investments Inc. New acquired a new position in Lucid Group during the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC increased its position in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock worth $25,000 after purchasing an additional 1,055 shares during the period. Finally, Tyche Wealth Partners LLC acquired a new position in Lucid Group during the 2nd quarter worth approximately $26,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.