Lucid Group (NASDAQ:LCID) Stock Price Up 0.8%

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 0.8% during trading on Monday . The stock traded as high as $2.58 and last traded at $2.48. Approximately 9,162,129 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 33,451,969 shares. The stock had previously closed at $2.46.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent analyst reports. Morgan Stanley restated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Stifel Nicolaus reduced their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Bank of America reduced their target price 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. Citigroup restated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Robert W. Baird reduced 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. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.34.

Lucid Group Price 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 company’s 50 day moving average is $2.85 and its 200 day moving average is $3.58. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of -1.77 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last announced its 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 business had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s revenue was down 39.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.40) EPS. Research analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Caprock Group LLC acquired a new position in Lucid Group during the third quarter worth about $58,000. Asset Management One Co. Ltd. grew its holdings in shares of Lucid Group by 33.6% during the third quarter. Asset Management One Co. Ltd. now owns 344,947 shares of the company’s stock worth $1,928,000 after buying an additional 86,674 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Lucid Group by 32.1% during the third quarter. Commonwealth Equity Services LLC now owns 179,136 shares of the company’s stock worth $1,001,000 after buying an additional 43,561 shares in the last quarter. FAS Wealth Partners Inc. grew its holdings in shares of Lucid Group by 33.4% during the third quarter. FAS Wealth Partners Inc. now owns 13,620 shares of the company’s stock worth $76,000 after buying an additional 3,410 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA grew its holdings in shares of Lucid Group by 97.2% during the third quarter. Compagnie Lombard Odier SCmA now owns 85,200 shares of the company’s stock worth $476,000 after buying an additional 42,000 shares in the last quarter. Institutional investors and hedge funds 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.