Lucid Group (NASDAQ:LCID) Trading 8.4% Higher

Lucid Group, Inc. (NASDAQ:LCID) rose 8.4% during trading on Wednesday . The company traded as high as $3.00 and last traded at $2.98. Approximately 15,501,966 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 29,779,932 shares. The stock had previously closed at $2.75.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LCID. Citigroup reiterated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Stifel Nicolaus dropped their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Finally, Cantor Fitzgerald restated an “underweight” rating and set a $4.00 price target on shares of Lucid Group in a research note on Monday. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.24.

Lucid Group Stock Performance

The firm’s 50 day moving average is $2.70 and its 200 day moving average is $3.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The stock has a market cap of $6.81 billion, a P/E ratio of -2.35 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.43) earnings per share. Analysts anticipate that Lucid Group, Inc. will post -1.16 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. GAMMA Investing LLC purchased a new stake in shares of Lucid Group during the fourth quarter valued at $28,000. Meeder Advisory Services Inc. purchased a new stake in Lucid Group during the 1st quarter valued at about $29,000. Norden Group LLC acquired a new position in shares of Lucid Group in the first quarter valued at about $32,000. Heritage Wealth Advisors raised its stake in shares of Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Summit Trail Advisors LLC acquired a new stake in shares of Lucid Group during the first quarter worth about $35,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.