Lucid Group (NASDAQ:LCID) Shares Up 3.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 3.4% during trading on Tuesday . The stock traded as high as $11.06 and last traded at $11.00. 6,269,769 shares traded hands during trading, a decline of 25% from the average daily volume of 8,332,743 shares. The stock had previously closed at $10.64.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on LCID shares. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada cut their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Finally, Stifel Nicolaus decreased their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Trading Up 3.4%

The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of -1.03 and a beta of 0.89. The company has a fifty day moving average of $11.83 and a 200-day moving average of $18.10.

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

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after purchasing an additional 9,578 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after buying an additional 254,551 shares during the last quarter. NewEdge Advisors LLC raised its stake in Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after acquiring an additional 11,252 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.