Lucid Group (NASDAQ:LCID) Stock Price Up 4.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 4.9% during trading on Wednesday . The stock traded as high as $6.35 and last traded at $6.26. Approximately 15,253,258 shares traded hands during mid-day trading, an increase of 32% from the average daily volume of 11,550,426 shares. The stock had previously closed at $5.97.

Analyst Upgrades and Downgrades

LCID has been the topic of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Robert W. Baird set a $6.00 target price on Lucid Group in a report on Wednesday, May 6th. Citigroup restated a “buy” rating and issued a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Bank of America assumed coverage on Lucid Group in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price target for the company. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Up 4.9%

The company has a 50 day moving average price of $7.76 and a two-hundred day moving average price of $10.26. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The stock has a market cap of $2.44 billion, a PE ratio of -0.47 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last posted 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 business had revenue of $282.47 million during the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.20) EPS. Analysts expect that Lucid Group, Inc. will post -10.75 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in shares of 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 acquiring an additional 2,740 shares during the period. Brown Advisory Inc. boosted its stake in shares of Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares during the period. Jump Financial LLC bought a new position in shares of Lucid Group in the second quarter worth about $41,000. Worldquant Millennium Advisors LLC bought a new position in shares of Lucid Group in the second quarter worth about $59,000. Finally, Leonteq Securities AG bought a new position in shares of Lucid Group in the fourth quarter worth about $67,000. Hedge funds and other 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.