Lucid Group (NASDAQ:LCID) Shares Up 7.8% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 7.8% on Thursday. The stock traded as high as $3.56 and last traded at $3.46. Approximately 13,566,482 shares were traded during trading, an increase of 2% from the average session volume of 13,335,139 shares. The stock had previously closed at $3.21.

Analyst Ratings Changes

A number of research firms recently issued reports on LCID. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Morgan Stanley dropped their target price on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating on the stock in a research note on Thursday, October 15th. UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research note on Monday, October 12th. Finally, William Blair cut shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $8.67.

Lucid Group Price Performance

The stock has a market cap of $1.39 billion, a PE ratio of -0.26 and a beta of 1.00. The firm’s 50 day moving average price is $4.30 and its two-hundred day moving average price is $5.68.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same period last year, the firm earned ($0.24) EPS. Analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its stake in Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after purchasing an additional 189,134 shares during the period. Bank of New York Mellon Corp grew its holdings in Lucid Group by 11.8% during the 1st quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock valued at $4,281,000 after buying an additional 47,427 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after buying an additional 200,604 shares in the last quarter. Calamos Advisors LLC increased its position in shares of Lucid Group by 50.0% during the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock valued at $2,144,000 after buying an additional 75,000 shares during the period. Finally, Quantinno Capital Management LP increased its position in shares of Lucid Group by 246.0% during the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after buying an additional 144,089 shares during the period. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.