Lucid Group (NASDAQ:LCID) Trading 1.9% Higher

Lucid Group, Inc. (NASDAQ:LCID) traded up 1.9% during trading on Wednesday . The stock traded as high as $2.71 and last traded at $2.67. 7,020,978 shares were traded during trading, a decline of 79% from the average session volume of 32,942,609 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Stifel Nicolaus reduced their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Robert W. Baird decreased their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Up 3.4 %

The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The stock has a market cap of $6.23 billion, a P/E ratio of -1.91 and a beta of 1.04. The company has a 50-day simple moving average of $2.76 and a two-hundred day simple moving average of $3.47.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. During the same quarter in the prior year, the company earned ($0.43) earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares during the period. Norges Bank bought a new stake in Lucid Group during the 4th quarter valued at approximately $22,208,000. Hsbc Holdings PLC grew its holdings in shares of Lucid Group by 496.8% during the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock worth $9,587,000 after acquiring an additional 1,900,730 shares during the period. 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. Finally, Jump Financial LLC bought a new stake in shares of Lucid Group during the third quarter valued at approximately $6,230,000. 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.