Lucid Group (NASDAQ:LCID) Stock Jumps 2.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shot up 2.9% during mid-day trading on Thursday. The stock traded as high as $4.31 and last traded at $4.19. Approximately 7,973,478 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 13,483,061 shares. The stock had previously closed at $4.07.

Analyst Ratings Changes

Several equities research analysts recently weighed in on LCID shares. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research report on Monday, September 21st. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Finally, Citigroup decreased their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and an average price target of $9.22.

Lucid Group Price Performance

The business’s 50 day moving average price is $5.37 and its 200 day moving average price is $6.36. The stock has a market capitalization of $1.63 billion, a P/E ratio of -0.30 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same quarter last year, the company earned ($0.24) EPS. The firm’s revenue for the quarter was up 56.2% on a year-over-year basis. As a group, analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of LCID. IFP Advisors Inc boosted its stake in shares of Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after buying an additional 3,497 shares during the last quarter. Allworth Financial LP increased its position in Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after acquiring an additional 2,864 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after acquiring an additional 2,740 shares during the period. Nykredit A S bought a new position in Lucid Group in the second quarter valued at about $47,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Lucid Group in the fourth quarter worth about $77,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.