Lucid Group (NASDAQ:LCID) Stock Price Up 0.6%

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 0.6% on Wednesday . The company traded as high as $3.19 and last traded at $3.11. Approximately 9,462,312 shares traded hands during trading, a decline of 70% from the average daily volume of 32,051,689 shares. The stock had previously closed at $3.09.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Cantor Fitzgerald raised Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price objective on the stock in a research report on Tuesday. Citigroup reaffirmed a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Finally, Stifel Nicolaus dropped their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $4.14.

Lucid Group Price Performance

The business has a fifty day moving average of $3.02 and a 200 day moving average of $2.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The stock has a market cap of $6.76 billion, a PE ratio of -2.28 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The business had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.40) earnings per share. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LCID. Treasurer of the State of North Carolina grew its position in shares of Lucid Group by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after buying an additional 3,230 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its holdings in shares of Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the period. Heritage Wealth Advisors lifted its holdings in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its position in Lucid Group by 24.6% during 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 period. Institutional investors own 75.17% of the company’s stock.

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.