Lucid Group (NASDAQ:LCID) Stock Price Up 2.8% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2.8% on Thursday . The stock traded as high as $5.91 and last traded at $5.84. Approximately 14,513,313 shares traded hands during trading, an increase of 26% from the average daily volume of 11,498,568 shares. The stock had previously closed at $5.68.

Analyst Ratings Changes

Several research firms have commented on LCID. Citigroup reaffirmed a “buy” rating and set a $14.00 price objective (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Robert W. Baird set a $6.00 target price on Lucid Group in a report on Wednesday, May 6th. TD Cowen cut their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada dropped their price objective on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Monday, April 13th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -0.44 and a beta of 0.88. The firm has a fifty day moving average price of $7.92 and a 200 day moving average price of $10.45.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). The business had revenue of $282.47 million for the quarter, compared to analyst estimates of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The company’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.20) EPS. As a group, sell-side analysts expect that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors have recently added to or reduced their stakes in LCID. Tudor Investment Corp ET AL purchased a new stake in shares of Lucid Group during the 3rd quarter worth approximately $1,361,978,000. Y Intercept Hong Kong Ltd acquired a new position in Lucid Group during the third quarter worth $2,248,000. SG Americas Securities LLC raised its holdings in Lucid Group by 65.9% during the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock worth $1,915,000 after purchasing an additional 71,966 shares during the last quarter. Vanguard Group Inc. boosted its position in Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after purchasing an additional 701,826 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new stake in Lucid Group in the fourth quarter valued at $1,586,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.