Lucid Group (NASDAQ:LCID) Shares Up 1.7%

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 1.7% during trading on Thursday . The stock traded as high as $2.48 and last traded at $2.46. 5,782,416 shares were traded during mid-day trading, a decline of 83% from the average session volume of 34,779,395 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

Several brokerages have recently commented on LCID. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Robert W. Baird decreased 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. Bank of America decreased their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Stifel Nicolaus decreased their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.80.

Lucid Group Stock Up 0.4 %

The firm has a 50 day moving average of $2.96 and a two-hundred day moving average of $3.70. 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 data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. During the same quarter last year, the business earned ($0.40) EPS. Lucid Group’s revenue for the quarter was down 39.0% compared to the same quarter last year. On average, equities research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. US Bancorp DE increased its holdings in Lucid Group by 67.6% in the first quarter. US Bancorp DE now owns 14,017 shares of the company’s stock valued at $356,000 after buying an additional 5,654 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Lucid Group by 16.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock valued at $482,000 after purchasing an additional 2,661 shares in the last quarter. Panagora Asset Management Inc. bought a new position in Lucid Group during the 1st quarter valued at $383,000. BlackRock Inc. boosted its stake in shares of Lucid Group by 23.7% during the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after acquiring an additional 2,990,659 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in shares of Lucid Group during the 1st quarter worth $400,000. Institutional investors and hedge funds 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.