Lucid Group (NASDAQ:LCID) Shares Up 3.6%

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 3.6% during trading on Wednesday . The company traded as high as $2.68 and last traded at $2.59. 11,827,418 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 30,017,076 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LCID. Morgan Stanley reissued an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Stifel Nicolaus dropped their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Finally, Citigroup restated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Three research 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, Lucid Group currently has a consensus rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The stock’s 50-day moving average is $2.69 and its 200-day moving average is $3.10.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same quarter in the previous year, the company posted ($0.43) EPS. The business’s quarterly revenue was up 15.6% on a year-over-year basis. On average, equities research analysts expect that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. boosted its position in Lucid Group by 19.8% during the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after purchasing an additional 546,676 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Lucid Group by 46.5% in the fourth 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. lifted its holdings in shares of Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after buying an additional 1,060,588 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after buying an additional 195,519 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after buying an additional 1,763,443 shares in the last quarter. Hedge funds and other 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.