Lucid Group (NASDAQ:LCID) Trading 1.8% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 1.8% during trading on Monday . The stock traded as high as $2.90 and last traded at $2.84. 10,680,133 shares traded hands during trading, a decline of 67% from the average session volume of 32,764,109 shares. The stock had previously closed at $2.79.

Wall Street Analyst Weigh In

LCID has been the topic of several recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Tuesday. Robert W. Baird decreased their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Finally, Citigroup restated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a report on Monday, April 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, Lucid Group has an average rating of “Hold” and a consensus target price of $4.24.

Lucid Group Stock Up 3.4 %

The company’s 50-day moving average price is $2.76 and its 200 day moving average price is $3.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The stock has a market cap of $6.23 billion, a PE ratio of -1.94 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.43) earnings per share. As a group, analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Large investors have recently made changes to their positions in the business. UniSuper Management Pty Ltd boosted its holdings in shares of Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after purchasing an additional 3,700 shares during the last quarter. GAMMA Investing LLC bought a new stake in Lucid Group in the 4th quarter worth approximately $28,000. Banque Cantonale Vaudoise purchased a new stake in shares of Lucid Group during the 3rd quarter worth approximately $38,000. China Universal Asset Management Co. Ltd. raised its stake in Lucid Group by 309.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock valued at $47,000 after purchasing an additional 6,398 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Lucid Group during the fourth quarter valued at $43,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.