Lucid Group (NASDAQ:LCID) Trading Up 1.7%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 1.7% during trading on Tuesday . The stock traded as high as $2.43 and last traded at $2.42. Approximately 6,340,248 shares changed hands during trading, a decline of 81% from the average daily volume of 34,169,969 shares. The stock had previously closed at $2.38.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LCID shares. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus dropped their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, February 26th. Citigroup restated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday. Finally, Bank of America dropped their price objective 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 given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.34.

Lucid Group Stock Up 1.2 %

The firm has a 50-day moving average price of $2.90 and a 200 day moving average price of $3.63. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. Lucid Group’s 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) EPS. Equities analysts expect that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in LCID. Arizona State Retirement System boosted its position in Lucid Group by 1.0% during the 3rd quarter. Arizona State Retirement System now owns 248,101 shares of the company’s stock valued at $1,387,000 after purchasing an additional 2,449 shares during the period. M&T Bank Corp boosted its position in Lucid Group by 12.8% during the 3rd quarter. M&T Bank Corp now owns 26,770 shares of the company’s stock valued at $150,000 after purchasing an additional 3,046 shares during the period. Principal Financial Group Inc. boosted its position in Lucid Group by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 58,547 shares of the company’s stock valued at $327,000 after purchasing an additional 3,055 shares during the period. Treasurer of the State of North Carolina boosted its position in Lucid Group by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after purchasing an additional 3,230 shares during the period. Finally, FAS Wealth Partners Inc. boosted its position in Lucid Group by 33.4% during the 3rd quarter. FAS Wealth Partners Inc. now owns 13,620 shares of the company’s stock valued at $76,000 after purchasing an additional 3,410 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.