Lucid Group (NASDAQ:LCID) Trading 8.4% Higher

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 8.4% during mid-day trading on Wednesday . The company traded as high as $3.00 and last traded at $2.98. 15,501,966 shares were traded during mid-day trading, a decline of 48% from the average session volume of 29,779,932 shares. The stock had previously closed at $2.75.

Wall Street Analysts Forecast Growth

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

Lucid Group Price Performance

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $2.72 and a two-hundred day moving average of $3.03.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results 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 company had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same period in the prior year, the business earned ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Treasurer of the State of North Carolina lifted its holdings in Lucid Group by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after acquiring an additional 3,230 shares during the period. Heritage Wealth Advisors raised its stake in Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after purchasing an additional 4,000 shares during the last quarter. Apollon Wealth Management LLC raised its stake in Lucid Group by 24.6% in the 4th quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after purchasing an additional 4,170 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in Lucid Group by 5.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after purchasing an additional 4,350 shares during the last quarter. Finally, Capital Square LLC raised its stake in Lucid Group by 34.7% in the 4th quarter. Capital Square LLC now owns 18,615 shares of the company’s stock valued at $78,000 after purchasing an additional 4,800 shares during the last quarter. Institutional investors and hedge funds 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.