Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price traded up 7.6% on Thursday . The stock traded as high as $3.57 and last traded at $3.53. 14,192,759 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 32,156,352 shares. The stock had previously closed at $3.28.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the company. Cantor Fitzgerald restated an “underweight” rating and issued a $4.00 price objective on shares of Lucid Group in a report on Monday, July 22nd. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Citigroup reaffirmed a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a report on Monday, April 22nd. Finally, Stifel Nicolaus reduced their price objective on 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 equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.14.
View Our Latest Stock Analysis on Lucid Group
Lucid Group Price Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same period in the previous year, the company earned ($0.43) earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, research analysts forecast that Lucid Group, Inc. will post -1.17 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of LCID. Vanguard Group Inc. increased its position in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares during the last quarter. Norges Bank acquired a new position in Lucid Group in the 4th quarter worth about $22,208,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after acquiring an additional 1,060,588 shares during the last quarter. abrdn plc increased its holdings in shares of Lucid Group by 95.3% during the 4th quarter. abrdn plc now owns 2,001,372 shares of the company’s stock valued at $8,426,000 after acquiring an additional 976,351 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Lucid Group by 138.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock valued at $5,544,000 after acquiring an additional 764,361 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.
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.
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