Lucid Group (NASDAQ:LCID) Shares Up 6.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 6.4% during trading on Thursday. The company traded as high as $3.50 and last traded at $3.50. Approximately 9,632,540 shares were traded during trading, a decline of 28% from the average daily volume of 13,340,833 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on LCID shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research report on Monday, October 12th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Morgan Stanley dropped their price target on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research note on Thursday. Finally, William Blair cut shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Stock Down 10.6%

The firm has a market capitalization of $1.23 billion, a P/E ratio of -0.23 and a beta of 1.00. The business’s 50 day moving average is $4.62 and its 200-day moving average is $5.90.

Lucid Group (NASDAQ:LCID) last released its 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). The business had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The firm’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.24) earnings per share. Research analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of the company. Vontobel Holding Ltd. raised its holdings in Lucid Group by 445.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 96,674 shares of the company’s stock valued at $393,000 after buying an additional 124,630 shares during the last quarter. HBK Investments L P grew its holdings in Lucid Group by 217.9% during the 2nd quarter. HBK Investments L P now owns 33,070 shares of the company’s stock worth $221,000 after acquiring an additional 22,667 shares during the last quarter. Tidal Investments LLC grew its holdings in Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock worth $217,000 after acquiring an additional 8,347 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Lucid Group in the 2nd quarter valued at approximately $694,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Lucid Group in the 2nd quarter valued at approximately $129,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.