Lucid Group (NASDAQ:LCID) Stock Price Up 1.3%

Lucid Group, Inc. (NASDAQ:LCID) rose 1.3% during mid-day trading on Wednesday . The stock traded as high as $2.45 and last traded at $2.43. Approximately 2,588,144 shares traded hands during trading, a decline of 93% from the average daily volume of 35,035,063 shares. The stock had previously closed at $2.40.

Analysts Set New Price Targets

LCID has been the topic of several recent research reports. Robert W. Baird decreased their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Bank of America decreased their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Morgan Stanley reissued an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $4.80.

Lucid Group Stock Performance

The stock’s 50-day moving average price is $2.98 and its 200 day moving average price is $3.72. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s revenue was down 39.0% compared to the same quarter last year. During the same period last year, the business posted ($0.40) earnings per share. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. boosted its stake in shares of Lucid Group by 19.8% during the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after purchasing an additional 546,676 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Lucid Group by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after purchasing an additional 410,025 shares in the last quarter. Fulton Bank N.A. boosted its stake in shares of Lucid Group by 46.5% during the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after purchasing an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after purchasing an additional 1,060,588 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.