Lucid Group (NASDAQ:LCID) Shares Up 1.3%

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.3% on Wednesday . The stock traded as high as $2.45 and last traded at $2.43. 2,588,144 shares were traded 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 Upgrades and Downgrades

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

Lucid Group Price Performance

The firm has a market cap of $5.59 billion, a PE ratio of -1.74 and a beta of 1.01. The company has a 50 day moving average price of $3.02 and a 200 day moving average price of $3.74. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last announced its quarterly 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). 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 quarter in the prior year, the business earned ($0.40) EPS. The company’s quarterly revenue was down 39.0% compared to the same quarter last year. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Trading of Lucid Group

Large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares in the last quarter. BlackRock Inc. lifted its position in shares of Lucid Group by 32.0% in the second quarter. BlackRock Inc. now owns 45,330,425 shares of the company’s stock valued at $312,327,000 after acquiring an additional 10,991,369 shares in the last quarter. State Street Corp lifted its position in shares of Lucid Group by 35.1% in the second quarter. State Street Corp now owns 16,047,532 shares of the company’s stock valued at $110,567,000 after acquiring an additional 4,171,066 shares in the last quarter. Finally, 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 acquiring an additional 1,060,588 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.