Lucid Group (NASDAQ:LCID) Trading Up 2%

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 2% during trading on Monday . The company traded as high as $2.62 and last traded at $2.57. 4,772,753 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 30,709,320 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

A number of brokerages have recently commented on LCID. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Robert W. Baird dropped their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Bank of America dropped their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.24.

Lucid Group Price Performance

The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The stock has a 50-day simple moving average of $2.68 and a two-hundred day simple moving average of $3.18.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period last year, the firm earned ($0.43) earnings per share. Research analysts expect that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares in the last quarter. Invesco Ltd. raised its position in shares of Lucid Group by 41.8% in the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares in the last quarter. Norges Bank bought a new position in shares of Lucid Group in the 4th quarter worth $22,208,000. Finally, Northern Trust Corp raised its position in shares of Lucid Group by 13.8% in the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after acquiring an additional 631,728 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.