Lucid Group (NASDAQ:LCID) Shares Up 1.7%

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 1.7% on Thursday . The stock traded as high as $2.48 and last traded at $2.46. 5,782,416 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 34,779,395 shares. The stock had previously closed at $2.42.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Stifel Nicolaus lowered their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird decreased their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Finally, Bank of America decreased their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The business has a 50 day simple moving average of $2.96 and a two-hundred day simple moving average of $3.70.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $157.20 million for 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 business’s quarterly revenue was down 39.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.40) EPS. Sell-side analysts predict 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 institutional investors have recently added to or reduced their stakes in the stock. First Trust Direct Indexing L.P. boosted its position in Lucid Group by 5.5% during the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after purchasing an additional 4,350 shares in the last quarter. Norden Group LLC bought a new stake in Lucid Group during the first quarter valued at about $32,000. Azzad Asset Management Inc. ADV bought a new stake in Lucid Group during the first quarter valued at about $91,000. True North Advisors LLC boosted its position in Lucid Group by 43.0% during the first quarter. True North Advisors LLC now owns 54,871 shares of the company’s stock valued at $156,000 after purchasing an additional 16,501 shares in the last quarter. Finally, Ballentine Partners LLC boosted its position in Lucid Group by 154.2% during the first quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock valued at $82,000 after purchasing an additional 17,405 shares in the last quarter. 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.