Lucid Group (NASDAQ:LCID) Trading 3% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 3% on Tuesday . The stock traded as high as $3.40 and last traded at $3.09. 19,706,803 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 32,040,500 shares. The stock had previously closed at $3.00.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on LCID shares. Stifel Nicolaus reduced their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Citigroup restated 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 reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Finally, Cantor Fitzgerald upgraded shares of Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price target on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.14.

Lucid Group Stock Performance

The stock has a 50 day moving average of $3.01 and a 200 day moving average of $2.96. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of -2.46 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The firm had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. Lucid Group’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. As a group, analysts anticipate that Lucid Group, Inc. will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after buying an additional 9,175,312 shares in the last quarter. Norges Bank acquired a new position in Lucid Group during the fourth quarter worth about $22,208,000. abrdn plc lifted its holdings in shares of Lucid Group by 95.3% in the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after acquiring an additional 976,351 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Lucid Group by 138.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock valued at $5,544,000 after purchasing an additional 764,361 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during 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.