Lucid Group (NASDAQ:LCID) Trading 1.7% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 1.7% during trading on Thursday . The company traded as high as $2.48 and last traded at $2.46. 5,782,416 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 34,779,395 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

A number of research firms have recently commented on LCID. Morgan Stanley restated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Stifel Nicolaus lowered their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Robert W. Baird lowered their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Bank of America lowered their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.80.

Lucid Group Trading Up 1.2 %

The business has a 50 day simple moving average of $3.00 and a two-hundred day simple moving average of $3.73. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of -1.76 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. During the same quarter last year, the business earned ($0.40) EPS. Lucid Group’s revenue for the quarter was down 39.0% compared to the same quarter last year. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. US Bancorp DE grew its stake in Lucid Group by 67.6% during the 1st quarter. US Bancorp DE now owns 14,017 shares of the company’s stock valued at $356,000 after purchasing an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Lucid Group by 16.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock worth $482,000 after buying an additional 2,661 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Lucid Group during the 1st quarter worth approximately $383,000. BlackRock Inc. lifted its holdings in Lucid Group by 23.7% during the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after buying an additional 2,990,659 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Lucid Group during the 1st quarter worth approximately $400,000. 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.