Lucid Group (NASDAQ:LCID) Trading 2% Higher

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 2% on Wednesday . The company traded as high as $2.61 and last traded at $2.60. Approximately 6,649,068 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 33,081,730 shares. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LCID. Morgan Stanley reissued an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Citigroup restated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus reduced their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.34.

Lucid Group Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The company has a market capitalization of $5.91 billion, a PE ratio of -1.86 and a beta of 1.01. The company’s 50-day moving average is $2.80 and its 200 day moving average is $3.54.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million during the quarter, compared to the consensus estimate 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 revenue was down 39.0% compared to the same quarter last year. During the same period last year, the company posted ($0.40) earnings per share. As a group, analysts anticipate that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Alps Advisors Inc. grew its holdings in shares of Lucid Group by 19.8% in the third 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 during the period. Bank of New York Mellon Corp increased its position in shares of Lucid Group by 10.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after purchasing an additional 410,025 shares during the last quarter. Fulton Bank N.A. lifted its stake in shares of Lucid Group by 46.5% in the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after purchasing an additional 20,168 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Lucid Group by 10.2% in 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 last quarter. Finally, Invesco Ltd. grew its position in Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after buying an additional 1,763,443 shares during the period. Institutional investors 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.