Lucid Group (NASDAQ:LCID) Trading 2.2% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 2.2% on Tuesday . The company traded as high as $6.25 and last traded at $5.97. 12,195,332 shares traded hands during trading, an increase of 6% from the average session volume of 11,511,945 shares. The stock had previously closed at $5.84.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Robert W. Baird set a $6.00 target price on shares of Lucid Group in a research report on Wednesday, May 6th. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, Benchmark lowered shares of Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Price Performance

The business’s 50-day moving average price is $7.84 and its 200 day moving average price is $10.34. The company has a market capitalization of $2.33 billion, a P/E ratio of -0.45 and a beta of 0.88. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). The company had revenue of $282.47 million during the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.20) earnings per share. Analysts anticipate that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. EverSource Wealth Advisors LLC raised its stake in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after purchasing an additional 2,740 shares in the last quarter. Brown Advisory Inc. raised its stake in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC purchased a new stake in Lucid Group in the second quarter valued at approximately $41,000. Worldquant Millennium Advisors LLC purchased a new stake in Lucid Group in the second quarter valued at approximately $59,000. Finally, Leonteq Securities AG purchased a new stake in Lucid Group in the fourth quarter valued at approximately $67,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.