Lucid Group (NASDAQ:LCID) Stock Price Up 4.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 4.9% during trading on Wednesday . The company traded as high as $6.35 and last traded at $6.26. Approximately 15,253,258 shares traded hands during trading, an increase of 32% from the average daily volume of 11,550,426 shares. The stock had previously closed at $5.97.

Analyst Ratings Changes

A number of equities analysts recently commented on LCID shares. Citigroup reissued a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. Morgan Stanley set a $5.00 price target on Lucid Group in a research note on Wednesday, May 6th. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, TD Cowen dropped their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The business has a 50-day simple moving average of $7.76 and a 200-day simple moving average of $10.26. The firm has a market capitalization of $2.44 billion, a PE ratio of -0.47 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. During the same quarter last year, the company earned ($0.20) earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts expect that Lucid Group, Inc. will post -10.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jain Global LLC raised its position in Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after purchasing an additional 1,200 shares during the period. The Manufacturers Life Insurance Company raised its position in Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock valued at $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV raised its position in Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after purchasing an additional 1,430 shares during the period. SBI Securities Co. Ltd. raised its position in Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after purchasing an additional 1,569 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its position in Lucid Group by 16.0% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock valued at $123,000 after purchasing an additional 1,604 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.