Lucid Group (NASDAQ:LCID) Stock Price Up 1.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded up 1.4% on Friday . The company traded as high as $6.75 and last traded at $6.55. 14,937,101 shares were traded during trading, an increase of 28% from the average session volume of 11,628,398 shares. The stock had previously closed at $6.46.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. TD Cowen decreased their target price on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Evercore set a $6.00 target price on shares of Lucid Group in a research note on Monday, May 11th. Robert W. Baird set a $6.00 target price on shares of Lucid Group in a research note on Wednesday, May 6th. Bank of America assumed coverage on shares of Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price for the company. Finally, Citigroup reaffirmed a “buy” rating and set a $14.00 target price (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average price target of $9.67.

Lucid Group Stock Up 1.4%

The company has a market cap of $2.56 billion, a P/E ratio of -0.50 and a beta of 0.88. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The company’s 50-day moving average is $7.61 and its two-hundred day moving average is $10.10.

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

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in the stock. Verus Capital Partners LLC bought a new stake in Lucid Group in the 1st quarter worth approximately $108,000. Essential Partners LLC bought a new stake in Lucid Group in the 1st quarter worth approximately $126,000. J. Derek Lewis & Associates Inc. grew its position 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 worth $189,000 after purchasing an additional 4,896 shares during the period. Bank of America Corp DE grew its position 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 worth $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 worth approximately $976,000. 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.