Short Interest in Lucid Group, Inc. (NASDAQ:LCID) Declines By 89.5%

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) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 38,410,000 shares, a decrease of 89.5% from the August 15th total of 367,060,000 shares. Currently, 31.1% of the company's stock are sold short. Based on an average daily trading volume, of 13,690,000 shares, the short-interest ratio is presently 2.8 days. Based on an average daily trading volume, of 13,690,000 shares, the short-interest ratio is presently 2.8 days. Currently, 31.1% of the company's stock are sold short.

Analyst Upgrades and Downgrades

Several research firms recently commented on LCID. Morgan Stanley boosted their target price on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald raised their price objective on shares of Lucid Group to $20.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. Finally, Stifel Nicolaus set a $2.10 target price on Lucid Group in a research report on Friday, August 29th. 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $23.31.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of the business. Sterling Investment Counsel LLC acquired a new stake in shares of Lucid Group in the 1st quarter worth $25,000. HB Wealth Management LLC acquired a new stake in shares of Lucid Group during the first quarter worth $25,000. Cigna Investments Inc. New purchased a new stake in shares of Lucid Group during the second quarter valued at $25,000. Tyche Wealth Partners LLC purchased a new stake in Lucid Group during the 2nd quarter valued at about $26,000. Finally, Grimes & Company Inc. acquired a new position in shares of Lucid Group in the first quarter valued at about $27,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Trading Up 2.4%

NASDAQ:LCID traded up $0.46 during mid-day trading on Thursday, hitting $19.90. 8,895,380 shares of the stock traded hands, compared to its average volume of 11,820,891. Lucid Group has a 52 week low of $15.25 and a 52 week high of $40.80. The firm's 50 day moving average is $22.88 and its two-hundred day moving average is $23.39. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of -1.73 and a beta of 0.78. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92.

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

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.

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