Lucid Group (NASDAQ:LCID) Shares Up 1.7%

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 1.7% during mid-day trading on Tuesday . The stock traded as high as $2.43 and last traded at $2.42. Approximately 6,340,248 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 34,169,969 shares. The stock had previously closed at $2.38.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent analyst reports. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Bank of America decreased their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note 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 for the company in a research report on Monday, February 26th. Finally, Citigroup reiterated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research report on Monday. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.34.

Lucid Group Stock Performance

The stock has a market cap of $5.77 billion, a price-to-earnings ratio of -1.73 and a beta of 1.01. The company’s fifty day simple moving average is $2.93 and its two-hundred day simple moving average is $3.66. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03.

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

Institutional Trading of Lucid Group

Several institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in Lucid Group during the fourth quarter worth about $28,000. Norden Group LLC purchased a new position in shares of Lucid Group in the 1st quarter worth approximately $32,000. Summit Trail Advisors LLC bought a new position in shares of Lucid Group in the first quarter valued at approximately $35,000. UniSuper Management Pty Ltd increased its position in shares of Lucid Group by 127.6% during the third quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Banque Cantonale Vaudoise bought a new stake in Lucid Group during the third quarter worth $38,000. Institutional investors own 75.17% of the company’s stock.

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.