Lucid Group (NASDAQ:LCID) Shares Up 6.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) rose 6.4% on Thursday. The stock traded as high as $3.50 and last traded at $3.50. 9,632,540 shares changed hands during trading, a decline of 28% from the average daily volume of 13,340,833 shares. The stock had previously closed at $3.29.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. UBS Group restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. William Blair cut Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Royal Bank Of Canada cut their price objective on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $8.67.

Lucid Group Trading Up 6.4%

The company has a market capitalization of $1.38 billion, a PE ratio of -0.26 and a beta of 1.00. The stock has a fifty day moving average of $4.77 and a two-hundred day moving average of $5.97.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The business had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. During the same period last year, the business posted ($0.24) earnings per share. The company’s revenue was up 56.2% compared to the same quarter last year. Equities analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of LCID. The Manufacturers Life Insurance Company lifted its position in Lucid Group by 6.8% during the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock valued at $378,000 after buying an additional 2,520 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares during the period. Allworth Financial LP increased its stake in shares of Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after purchasing an additional 2,864 shares in the last quarter. IFP Advisors Inc increased its stake in shares of Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of Lucid Group by 25.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock worth $213,000 after purchasing an additional 4,485 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.