Lucid Group (NASDAQ:LCID) Trading 3% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 3% during mid-day trading on Tuesday . The company traded as high as $3.40 and last traded at $3.09. Approximately 19,706,803 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 32,040,500 shares. The stock had previously closed at $3.00.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LCID. Citigroup reaffirmed a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Cantor Fitzgerald upgraded Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 target price for the company in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, July 8th. Finally, Stifel Nicolaus dropped their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average price target of $4.14.

Lucid Group Stock Up 3.0 %

The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average price is $3.01 and its 200 day moving average price is $2.96. The firm has a market cap of $7.13 billion, a P/E ratio of -2.46 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The firm had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.40) EPS. As a group, research analysts expect that Lucid Group, Inc. will post -1.17 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the 2nd quarter worth approximately $27,000. GAMMA Investing LLC bought a new position in Lucid Group during the 4th quarter valued at $28,000. Meeder Advisory Services Inc. acquired a new position in shares of Lucid Group during the 1st quarter valued at $29,000. Norden Group LLC bought a new stake in shares of Lucid Group in the 1st quarter worth $32,000. Finally, Heritage Wealth Advisors lifted its holdings in shares of Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares during the period. 75.17% of the stock is currently owned by 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.