Lucid Group (NASDAQ:LCID) Trading 2.2% Higher – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 2.2% during trading on Tuesday . The stock traded as high as $6.25 and last traded at $5.97. 12,195,332 shares traded hands during trading, an increase of 6% from the average session volume of 11,511,945 shares. The stock had previously closed at $5.84.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup reissued a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Bank of America assumed coverage on shares of Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target on the stock. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Evercore set a $6.00 target price on shares of Lucid Group in a report on Monday, May 11th. Finally, TD Cowen cut their target price on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Price Performance

The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00. The stock has a market cap of $2.33 billion, a P/E ratio of -0.45 and a beta of 0.88. The firm’s fifty day moving average price is $7.84 and its 200-day moving average price is $10.34.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). The company had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) EPS. Analysts forecast that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. Tudor Investment Corp ET AL bought a new stake in Lucid Group in the third quarter valued at $1,361,978,000. Uber Technologies Inc bought a new stake in Lucid Group in the third quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after acquiring an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after acquiring an additional 2,167,882 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.