Lucid Group (NASDAQ:LCID) Trading Up 3.2% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 3.2% during trading on Thursday . The stock traded as high as $6.62 and last traded at $6.46. Approximately 15,761,142 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 11,595,088 shares. The stock had previously closed at $6.26.

Analyst Ratings Changes

Several analysts have commented on LCID shares. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a research report on Wednesday, May 6th. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Lucid Group in a report on Monday, May 4th. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, TD Cowen decreased their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Trading Up 3.2%

The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The company’s fifty day moving average is $7.69 and its 200-day moving average is $10.18. The firm has a market capitalization of $2.52 billion, a P/E ratio of -0.49 and a beta of 0.88.

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

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of the stock. Verus Capital Partners LLC bought a new stake in Lucid Group in the 1st quarter valued at $108,000. Essential Partners LLC bought a new stake in Lucid Group in the 1st quarter valued at $126,000. J. Derek Lewis & Associates Inc. boosted its holdings in Lucid Group by 32.8% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 19,820 shares of the company’s stock valued at $189,000 after purchasing an additional 4,896 shares during the period. Bank of America Corp DE boosted its holdings in Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in Lucid Group in the 1st quarter valued at $976,000. 75.17% of the stock is owned by institutional investors.

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.