Lucid Group (NASDAQ:LCID) Trading 2% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 2% during trading on Tuesday . The stock traded as high as $10.62 and last traded at $10.50. 8,158,324 shares traded hands during trading, a decline of 2% from the average session volume of 8,284,155 shares. The stock had previously closed at $10.29.

Analysts Set New Price Targets

A number of research analysts have recently commented on LCID shares. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research report on Tuesday, January 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Stifel Nicolaus cut their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Finally, Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a 50 day moving average of $11.68 and a 200 day moving average of $17.68. The stock has a market capitalization of $3.40 billion, a P/E ratio of -0.98 and a beta of 1.16.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. During the same quarter in the previous year, the business posted ($2.76) EPS. Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. Equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Valeo Financial Advisors LLC raised its holdings in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares during the period. SBI Securities Co. Ltd. lifted its stake in Lucid Group by 9.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after acquiring an additional 1,569 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after acquiring an additional 1,604 shares during the period. Arizona State Retirement System boosted its position in Lucid Group by 6.2% during the 4th quarter. Arizona State Retirement System now owns 38,236 shares of the company’s stock worth $404,000 after acquiring an additional 2,217 shares during the period. Finally, Amalgamated Bank grew its stake in Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock valued at $117,000 after acquiring an additional 4,720 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.