Lucid Group (NASDAQ:LCID) Shares Up 4.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) was up 4.2% on Thursday . The company traded as high as $18.10 and last traded at $17.96. Approximately 12,905,480 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 11,340,452 shares. The stock had previously closed at $17.24.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lucid Group in a research note on Wednesday, October 8th. Morgan Stanley boosted their price objective on shares of Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 target price on shares of Lucid Group in a report on Friday, August 29th. Finally, Cantor Fitzgerald cut their price objective on Lucid Group from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and a consensus price target of $23.74.

Lucid Group Stock Down 3.8%

The firm has a market cap of $5.31 billion, a P/E ratio of -1.61 and a beta of 0.80. The company has a fifty day simple moving average of $20.18 and a 200-day simple moving average of $22.53. The company has a quick ratio of 2.11, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

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

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock valued at $268,460,000 after acquiring an additional 615,108 shares during the last quarter. Geode Capital Management LLC raised its stake in Lucid Group by 7.4% during the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Marshall Wace LLP lifted its position in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Lucid Group during the 2nd quarter valued at about $16,469,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.