Lucid Group (NASDAQ:LCID) Trading Up 1.3%

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.3% on Wednesday . The stock traded as high as $2.45 and last traded at $2.43. 2,588,144 shares traded hands during trading, a decline of 93% from the average session volume of 35,035,063 shares. The stock had previously closed at $2.40.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LCID. Bank of America lowered their price objective on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Robert W. Baird cut their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Stifel Nicolaus reduced their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, Lucid Group has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Price Performance

The firm has a market capitalization of $5.59 billion, a P/E ratio of -1.74 and a beta of 1.01. The stock’s 50 day simple moving average is $3.02 and its 200 day simple moving average is $3.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

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 analysts’ consensus estimates of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm’s revenue for the quarter was down 39.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.40) EPS. As a group, analysts expect that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently made changes to their positions in the company. Alps Advisors Inc. grew its holdings in Lucid Group by 19.8% during the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after acquiring an additional 546,676 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Lucid Group by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after buying an additional 410,025 shares during the period. Fulton Bank N.A. raised its stake in Lucid Group by 46.5% in the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after buying an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after buying an additional 1,060,588 shares during the period. Finally, Invesco Ltd. boosted its position 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 acquiring an additional 1,763,443 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.