Lucid Group (NASDAQ:LCID) Stock Price Up 1.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 1.4% during trading on Friday . The company traded as high as $6.75 and last traded at $6.55. Approximately 14,937,101 shares traded hands during mid-day trading, an increase of 28% from the average daily volume of 11,628,398 shares. The stock had previously closed at $6.46.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on LCID shares. Robert W. Baird set a $6.00 target price on shares of Lucid Group in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. TD Cowen dropped their price target on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Benchmark cut shares of Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, Citigroup reiterated a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Up 1.4%

The company’s 50 day moving average price is $7.61 and its two-hundred day moving average price is $10.10. The firm has a market cap of $2.56 billion, a PE ratio of -0.50 and a beta of 0.88. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). The business had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.20) EPS. On average, equities research analysts expect that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Jain Global LLC raised its holdings in shares of Lucid Group by 13.3% in the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after buying an additional 1,200 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Lucid Group by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after buying an additional 1,336 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Lucid Group by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after buying an additional 1,430 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Lucid Group by 9.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after buying an additional 1,569 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Lucid Group by 16.0% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after buying an additional 1,604 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 is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.