Lucid Group (NASDAQ:LCID) Stock Price Up 2%

Lucid Group, Inc. (NASDAQ:LCID) shot up 2% on Wednesday . The stock traded as high as $2.60 and last traded at $2.57. 6,564,084 shares were traded during mid-day trading, a decline of 81% from the average session volume of 34,049,605 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a research note on Monday. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Robert W. Baird dropped their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Bank of America dropped their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $4.34.

Lucid Group Stock Performance

The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $2.88 and its 200-day moving average is $3.62.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The company had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.40) earnings per share. Equities research analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after acquiring an additional 1,060,588 shares during the period. Invesco Ltd. increased its stake in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Norges Bank bought a new stake in Lucid Group during the 4th quarter valued at $22,208,000. Finally, Northern Trust Corp increased its stake in Lucid Group by 13.8% during the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after purchasing an additional 631,728 shares in the last quarter. 75.17% of the stock is owned by 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.