Lucid Group (NASDAQ:LCID) Stock Price Up 1.9%

Lucid Group, Inc. (NASDAQ:LCID) was up 1.9% during trading on Wednesday . The stock traded as high as $2.71 and last traded at $2.67. Approximately 7,020,978 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 32,942,609 shares. The stock had previously closed at $2.62.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on LCID shares. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Tuesday. Morgan Stanley restated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus dropped their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday. Citigroup reiterated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Finally, Bank of America dropped their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $4.24.

Lucid Group Trading Up 3.4 %

The firm has a market cap of $6.23 billion, a price-to-earnings ratio of -1.91 and a beta of 1.04. The business has a 50 day moving average of $2.76 and a 200 day moving average of $3.47. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. During the same quarter last year, the company posted ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, research analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after buying an additional 9,175,312 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 worth $48,109,000 after acquiring an additional 1,060,588 shares during the period. Invesco Ltd. boosted its position in shares of Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares during the last quarter. Norges Bank acquired a new position in Lucid Group during the fourth quarter worth approximately $22,208,000. Finally, Northern Trust Corp boosted its holdings in shares of Lucid Group by 13.8% in 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 during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.