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

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

Analyst Ratings Changes

Several research firms recently weighed in on LCID. Robert W. Baird reduced their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Bank of America dropped their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus dropped 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 note on Monday, February 26th. Finally, Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Price Performance

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

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

Hedge Funds Weigh In On Lucid Group

Large investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. acquired a new stake in Lucid Group during the 1st quarter worth approximately $25,000. GAMMA Investing LLC acquired a new stake in Lucid Group during the 4th quarter worth approximately $28,000. First Manhattan Co. lifted its holdings in Lucid Group by 666.7% during the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Itau Unibanco Holding S.A. lifted its holdings in Lucid Group by 283.3% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock worth $34,000 after buying an additional 3,671 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its holdings in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after buying an additional 3,700 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.