Lucid Group (NASDAQ:LCID) Trading Up 2.2%

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 2.2% during trading on Wednesday . The stock traded as high as $2.85 and last traded at $2.82. Approximately 8,436,975 shares were traded during trading, a decline of 78% from the average daily volume of 38,178,410 shares. The stock had previously closed at $2.76.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LCID. Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus dropped their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Finally, Bank of America reduced their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $4.80.

Lucid Group Stock Performance

The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $3.14 and a two-hundred day moving average price of $4.03.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The company had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business’s quarterly revenue was down 39.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.40) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. US Bancorp DE grew its holdings in Lucid Group by 67.6% in the 1st quarter. US Bancorp DE now owns 14,017 shares of the company’s stock worth $356,000 after buying an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Lucid Group by 16.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock worth $482,000 after acquiring an additional 2,661 shares during the period. Panagora Asset Management Inc. bought a new position in shares of Lucid Group in the first quarter worth $383,000. BlackRock Inc. increased its holdings in shares of Lucid Group by 23.7% during the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock valued at $396,842,000 after purchasing an additional 2,990,659 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in Lucid Group in the first quarter worth about $400,000. 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.