Lucid Group (NASDAQ:LCID) Trading 3.8% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shot up 3.8% during trading on Thursday . The company traded as high as $11.44 and last traded at $11.33. 7,134,040 shares traded hands during trading, a decline of 15% from the average session volume of 8,380,773 shares. The stock had previously closed at $10.91.

Analyst Upgrades and Downgrades

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

Lucid Group Price Performance

The firm has a market cap of $3.59 billion, a PE ratio of -1.03 and a beta of 0.89. The stock has a 50 day simple moving average of $11.72 and a two-hundred day simple moving average of $17.77. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Lucid Group (NASDAQ:LCID) last posted 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 firm had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. During the same quarter in the prior year, the firm earned ($2.76) earnings per share. The business’s revenue for the quarter was up 68.3% on a year-over-year basis. Sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Tudor Investment Corp ET AL acquired a new position in Lucid Group during the third quarter worth $1,361,978,000. Geode Capital Management LLC increased its stake in shares of Lucid Group by 7.4% during the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Uber Technologies Inc purchased a new stake in shares of Lucid Group during the third quarter worth about $326,283,000. Marshall Wace LLP raised its position in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 valued at $25,973,000 after buying an additional 3,465,542 shares in the last quarter. Hedge funds and other institutional investors 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.