Lucid Group (NASDAQ:LCID) Trading Up 0.4%

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 0.4% during mid-day trading on Friday . The company traded as high as $2.46 and last traded at $2.45. 4,756,135 shares changed hands during trading, a decline of 86% from the average session volume of 34,577,777 shares. The stock had previously closed at $2.44.

Wall Street Analyst Weigh In

LCID has been the topic of a number of research reports. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Stifel Nicolaus cut their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Bank of America decreased their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Morgan Stanley restated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Three 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 stock presently has a consensus rating of “Hold” and an average price target of $4.80.

Lucid Group Price Performance

The firm has a market cap of $5.68 billion, a P/E ratio of -1.75 and a beta of 1.01. The company has a fifty day moving average of $2.98 and a 200-day moving average of $3.72. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. During the same quarter in the previous year, the company earned ($0.40) EPS. The business’s revenue was down 39.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of LCID. BlackRock Inc. grew its position in Lucid Group by 32.0% during the second quarter. BlackRock Inc. now owns 45,330,425 shares of the company’s stock valued at $312,327,000 after buying an additional 10,991,369 shares during the period. Vanguard Group Inc. grew its position in shares of Lucid Group by 36.7% during the 1st quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock valued at $983,933,000 after acquiring an additional 10,400,923 shares during the period. Norges Bank purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $22,208,000. State Street Corp raised its holdings in shares of Lucid Group by 80.9% in the 2nd quarter. State Street Corp now owns 10,822,778 shares of the company’s stock worth $185,719,000 after purchasing an additional 4,841,301 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in Lucid Group by 496.8% in the fourth quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after purchasing an additional 1,900,730 shares during the last quarter. 75.17% of the stock is 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.