Lucid Group (NASDAQ:LCID) Stock Price Up 2%

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 2% during trading on Wednesday . The company traded as high as $2.60 and last traded at $2.57. Approximately 6,564,084 shares traded hands during trading, a decline of 81% from the average daily volume of 34,049,605 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

LCID has been the subject of a number of research analyst reports. 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. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Citigroup restated a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday. Robert W. Baird dropped their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Stifel Nicolaus decreased their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus target price of $4.34.

Lucid Group Price Performance

The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The business’s 50-day moving average is $2.88 and its two-hundred day moving average is $3.62.

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

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. lifted its position in shares of 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 last quarter. Bank of New York Mellon Corp lifted its position in shares of Lucid Group by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock worth $23,562,000 after purchasing an additional 410,025 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Lucid Group by 46.5% during the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after purchasing an additional 20,168 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Lucid Group by 10.2% during 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 purchasing an additional 1,060,588 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.