Lucid Group (NASDAQ:LCID) Shares Gap Up to $3.61

Lucid Group, Inc. (NASDAQ:LCID) gapped up prior to trading on Tuesday . The stock had previously closed at $3.61, but opened at $3.72. Lucid Group shares last traded at $3.71, with a volume of 7,701,228 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Morgan Stanley reissued an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. Cantor Fitzgerald reaffirmed an “underweight” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Monday. Finally, Stifel Nicolaus reduced their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $4.14.

Lucid Group Stock Up 8.9 %

The company has a market cap of $9.07 billion, a price-to-earnings ratio of -2.94 and a beta of 1.04. 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 business has a fifty day moving average price of $2.82 and a two-hundred day moving average price of $2.96.

Lucid Group (NASDAQ:LCID) last issued 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 net margin of 441.29% and a negative return on equity of 53.53%. The business had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same quarter in the prior year, the company earned ($0.43) EPS. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities analysts predict that Lucid Group, Inc. will post -1.16 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina grew its holdings in Lucid Group by 1.0% during 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 purchasing an additional 3,230 shares during the last quarter. Heritage Wealth Advisors boosted its position in shares of Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Lucid Group by 24.6% in the fourth quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after acquiring an additional 4,170 shares during the period. First Trust Direct Indexing L.P. boosted its position in shares of Lucid Group by 5.5% in the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after acquiring an additional 4,350 shares during the period. Finally, Capital Square LLC boosted its position in shares of Lucid Group by 34.7% in the fourth quarter. Capital Square LLC now owns 18,615 shares of the company’s stock valued at $78,000 after acquiring an additional 4,800 shares during the period. 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.