Lucid Group (NASDAQ:LCID) Shares Up 3.6%

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 3.6% during mid-day trading on Wednesday . The company traded as high as $2.68 and last traded at $2.59. 11,827,418 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 30,017,076 shares. The stock had previously closed at $2.50.

Analysts Set New Price Targets

LCID has been the subject of several analyst reports. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Citigroup reiterated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Finally, Stifel Nicolaus reduced their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.24.

Lucid Group Stock Up 4.4 %

The company’s fifty day simple moving average is $2.68 and its 200 day simple moving average is $3.10. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49.

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

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of LCID. Cetera Advisors LLC raised its position in shares of Lucid Group by 84.5% during the 1st quarter. Cetera Advisors LLC now owns 19,015 shares of the company’s stock valued at $54,000 after buying an additional 8,710 shares in the last quarter. Swedbank AB bought a new position in Lucid Group in the 1st quarter worth about $82,000. Tidal Investments LLC grew its stake in Lucid Group by 12.7% in the 1st quarter. Tidal Investments LLC now owns 338,712 shares of the company’s stock worth $965,000 after acquiring an additional 38,072 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in shares of Lucid Group by 13.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 55,253 shares of the company’s stock valued at $157,000 after purchasing an additional 6,363 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Lucid Group by 946.6% during the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after acquiring an additional 474,534 shares during 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.