Lucid Group (NASDAQ:LCID) Trading 17.9% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 17.9% on Wednesday . The stock traded as high as $11.65 and last traded at $11.47. 23,157,589 shares were traded during mid-day trading, an increase of 167% from the average session volume of 8,686,869 shares. The stock had previously closed at $9.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on LCID shares. Stifel Nicolaus decreased their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, 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 for the company in a report on Wednesday, January 14th. Two 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. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Stock Up 17.9%

The business has a 50-day moving average price of $12.11 and a two-hundred day moving average price of $18.38. The firm has a market cap of $3.72 billion, a PE ratio of -1.07 and a beta of 0.89. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates 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 business 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 posted ($2.76) EPS. The company’s revenue was up 68.3% compared to the same quarter last year. On average, equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after purchasing an additional 9,578 shares in the last quarter. AQR Capital Management LLC raised its stake 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 purchasing an additional 254,551 shares in the last quarter. NewEdge Advisors LLC lifted its holdings 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 buying an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC raised its stake in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after acquiring an additional 11,252 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

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.