Lucid Group (NASDAQ:LCID) Trading 1.6% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 1.6% on Wednesday . The company traded as high as $10.35 and last traded at $10.27. Approximately 4,616,342 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 7,682,312 shares. The stock had previously closed at $10.11.

Analysts Set New Price Targets

A number of brokerages have recently commented on LCID. Zacks Research lowered shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research report on Tuesday, January 6th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Finally, Benchmark reiterated a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average target price of $18.50.

Lucid Group Stock Performance

The business has a 50-day simple moving average of $10.56 and a 200 day simple moving average of $15.22. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The firm has a market cap of $3.17 billion, a PE ratio of -0.81 and a beta of 1.12.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). The company had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The firm’s quarterly revenue was up 122.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.22) earnings per share. Equities research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LCID. Valeo Financial Advisors LLC increased its stake in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after buying an additional 1,055 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Lucid Group in the second quarter worth about $30,000. Brown Advisory Inc. boosted its stake in shares of Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares during the period. Heritage Wealth Advisors lifted its holdings in Lucid Group by 43.5% in the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Keynote Financial Services LLC bought a new position in Lucid Group in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.