Lucid Group (NASDAQ:LCID) Shares Up 0.4%

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 0.4% on Tuesday . The stock traded as high as $2.73 and last traded at $2.65. 7,400,476 shares changed hands during trading, a decline of 75% from the average session volume of 29,735,807 shares. The stock had previously closed at $2.64.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Morgan Stanley restated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Stifel Nicolaus lowered their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Cantor Fitzgerald restated an “underweight” rating and set a $4.00 target price on shares of Lucid Group in a research note on Monday. Finally, Citigroup restated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Performance

The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The firm’s 50 day simple moving average is $2.71 and its 200 day simple moving average is $3.03.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $173.54 million. During the same quarter last year, the firm earned ($0.43) earnings per share. The business’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities analysts expect that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after buying an additional 489,187 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 purchasing an additional 1,060,588 shares during the last quarter. Norges Bank bought a new position in Lucid Group during the 4th quarter valued at about $22,208,000. Northern Trust Corp grew its holdings in Lucid Group by 13.8% during the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after purchasing an additional 631,728 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Lucid Group by 5.2% during the 3rd quarter. Legal & General Group Plc now owns 5,096,665 shares of the company’s stock valued at $28,492,000 after purchasing an additional 253,149 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

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.