Lucid Group (NASDAQ:LCID) Shares Up 3.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) rose 3.2% during mid-day trading on Friday . The company traded as high as $12.05 and last traded at $11.82. Approximately 7,425,330 shares were traded during trading, a decline of 33% from the average daily volume of 11,003,336 shares. The stock had previously closed at $11.45.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LCID. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Finally, Stifel Nicolaus lowered their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $21.54.

Lucid Group Trading Up 3.2%

The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of -1.10 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The company has a 50 day moving average price of $15.62 and a two-hundred day moving average price of $20.07.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.Lucid Group’s revenue was up 68.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.76) EPS. On average, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HITE Hedge Asset Management LLC acquired a new stake in Lucid Group in the 3rd quarter worth about $212,000. Johnson & White Wealth Management LLC purchased a new position in shares of Lucid Group in the third quarter valued at approximately $238,000. Integrity Alliance LLC. acquired a new stake in shares of Lucid Group in the first quarter worth approximately $27,000. Sapient Capital LLC purchased a new stake in shares of Lucid Group during the third quarter worth approximately $287,000. Finally, Valeo Financial Advisors LLC increased its position in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.