Lucid Group (NASDAQ:LCID) Stock Price Up 3.8% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Royal Bank Of Canada lowered their price target 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. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Stifel Nicolaus lowered their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Up 3.8%

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of -1.06 and a beta of 0.89. The business’s 50 day moving average is $11.76 and its 200 day moving average is $17.94.

Lucid Group (NASDAQ:LCID) last announced 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 revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.76) earnings per share. Equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently made changes to their positions in the company. Tudor Investment Corp ET AL bought a new position in Lucid Group during the third quarter valued at approximately $1,361,978,000. Uber Technologies Inc bought a new stake in Lucid Group in the third quarter worth approximately $326,283,000. Marshall Wace LLP increased its stake 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. Norges Bank bought a new position in shares of Lucid Group during the 2nd quarter valued at $16,469,000. Finally, Linden Advisors LP acquired a new stake in shares of Lucid Group in the 2nd quarter valued at $9,885,000. 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.