Lucid Group (NASDAQ:LCID) Stock Price Up 17.9% – What’s Next?

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

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Royal Bank Of Canada dropped their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a report on Tuesday, January 6th. Finally, Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Trading Up 17.9%

The business’s 50-day moving average price is $12.11 and its two-hundred day moving average price is $18.38. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company has a market capitalization of $3.72 billion, a P/E ratio of -1.07 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last posted 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). The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s quarterly revenue was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.76) earnings per share. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Royal Bank of Canada raised its holdings in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after purchasing an additional 9,578 shares during the last quarter. AQR Capital Management LLC raised its stake in Lucid Group by 89.9% during the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after buying an additional 254,551 shares during the period. NewEdge Advisors LLC grew its position in Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after buying an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.