Lucid Group (NASDAQ:LCID) Trading 14% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were up 14% during trading on Friday . The stock traded as high as $10.94 and last traded at $10.86. Approximately 10,869,739 shares changed hands during trading, an increase of 31% from the average daily volume of 8,310,890 shares. The stock had previously closed at $9.53.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LCID shares. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Royal Bank Of Canada decreased their target price on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Finally, Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Performance

The business has a 50-day simple moving average of $11.43 and a 200 day simple moving average of $17.22. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The firm has a market cap of $3.52 billion, a PE ratio of -1.01 and a beta of 1.16.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. During the same quarter last year, the firm posted ($2.76) earnings per share. The company’s revenue was up 68.3% compared to the same quarter last year. Equities research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Large investors have recently made changes to their positions in the business. Valeo Financial Advisors LLC raised its stake in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in Lucid Group during the 2nd quarter valued at approximately $29,000. Kingsview Wealth Management LLC bought a new stake in shares of Lucid Group during the second quarter valued at approximately $30,000. Cypress Wealth Services LLC bought a new position in shares of Lucid Group during the second quarter worth $32,000. Finally, Brown Advisory Inc. grew its stake in Lucid Group by 47.5% during the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.