Lucid Group (NASDAQ:LCID) Trading Up 2.6% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 2.6% during mid-day trading on Wednesday . The company traded as high as $5.95 and last traded at $5.92. Approximately 8,462,630 shares traded hands during trading, a decline of 39% from the average session volume of 13,812,900 shares. The stock had previously closed at $5.77.

Analysts Set New Price Targets

A number of research firms have recently commented on LCID. Citigroup cut their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday. Evercore set a $6.00 price objective on Lucid Group in a report on Monday, May 11th. Morgan Stanley set a $5.00 target price on Lucid Group in a research note on Wednesday, May 6th. TD Cowen decreased their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Finally, Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $9.22.

Lucid Group Stock Performance

The company’s fifty day simple moving average is $6.24 and its 200 day simple moving average is $7.65. The stock has a market capitalization of $2.33 billion, a P/E ratio of -0.43 and a beta of 0.83. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Lazard Asset Management LLC raised its position in shares of 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. Vanguard Group Inc. grew its position in Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after acquiring an additional 701,826 shares in the last quarter. Virtu Financial LLC purchased a new position in Lucid Group in the fourth quarter worth $1,355,000. Edgestream Partners L.P. bought a new position in Lucid Group in the first quarter valued at $976,000. Finally, Quantinno Capital Management LP increased its stake in Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after acquiring an additional 144,089 shares during the last quarter. 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.