Lucid Group (NASDAQ:LCID) Trading Up 2.9% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 2.9% during mid-day trading on Thursday . The company traded as high as $11.98 and last traded at $11.45. 7,414,503 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 11,018,172 shares. The stock had previously closed at $11.13.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Stifel Nicolaus lowered their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. Finally, Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Stock Up 3.2%

The stock has a fifty day moving average of $15.44 and a 200-day moving average of $20.00. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of -1.10 and a beta of 0.86. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. During the same quarter last year, the business earned ($2.76) EPS. The company’s revenue for the quarter was up 68.3% compared to the same quarter last year. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the business. Cigna Investments Inc. New purchased a new position in shares of Lucid Group during the second quarter valued at $25,000. Valeo Financial Advisors LLC lifted its holdings in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the last quarter. Tyche Wealth Partners LLC acquired a new stake in Lucid Group in the second quarter valued at approximately $26,000. Integrity Alliance LLC. acquired a new position in shares of Lucid Group during the 1st quarter worth $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock valued at $29,000 after purchasing an additional 6,295 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.