Lucid Group (NASDAQ:LCID) Trading 1.8% Higher

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 1.8% during mid-day 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.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on LCID shares. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Citigroup reiterated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Bank of America reduced their price objective on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.34.

Lucid Group Trading Up 9.5 %

The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $2.77 and its 200-day moving average price is $3.50. The stock has a market capitalization of $7.02 billion, a PE ratio of -2.18 and a beta of 1.04.

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

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Alps Advisors Inc. raised its holdings in shares of Lucid Group by 19.8% during the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after acquiring an additional 546,676 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Lucid Group by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after purchasing an additional 410,025 shares during the last quarter. Fulton Bank N.A. grew its stake in shares of Lucid Group by 46.5% in the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after buying an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after buying an additional 1,763,443 shares in the last quarter. Institutional investors 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.