Lucid Group (NASDAQ:LCID) Stock Price Up 10.4% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 10.4% during mid-day trading on Friday. The stock traded as high as $3.29 and last traded at $3.29. 9,776,697 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 13,231,820 shares. The stock had previously closed at $2.98.

Wall Street Analyst Weigh In

LCID has been the topic of a number of recent analyst reports. Royal Bank Of Canada dropped their price target on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a report on Monday, October 12th. Citigroup reduced their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Morgan Stanley decreased their target price on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $8.67.

Lucid Group Price Performance

The stock’s 50 day simple moving average is $3.89 and its two-hundred day simple moving average is $6.76. The stock has a market capitalization of $1.30 billion, a PE ratio of -0.24 and a beta of 0.80.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LCID. Brighton Jones LLC bought a new position in shares of Lucid Group during the 3rd quarter worth $72,000. Ethic Inc. increased its holdings in Lucid Group by 101.0% in the 3rd quarter. Ethic Inc. now owns 22,746 shares of the company’s stock worth $93,000 after acquiring an additional 11,431 shares during the last quarter. Calamos Advisors LLC raised its stake in Lucid Group by 40.0% in the 3rd quarter. Calamos Advisors LLC now owns 525,000 shares of the company’s stock valued at $2,137,000 after acquiring an additional 150,000 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lucid Group in the 3rd quarter valued at about $344,000. Finally, Apollon Wealth Management LLC raised its stake in Lucid Group by 60.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 27,478 shares of the company’s stock valued at $112,000 after acquiring an additional 10,342 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.