Lucid Group (NASDAQ:LCID) Stock Price Up 1.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 1.7% on Friday . The stock traded as high as $4.68 and last traded at $4.68. 10,191,399 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 13,739,159 shares. The stock had previously closed at $4.60.

Analyst Ratings Changes

Several research analysts have commented on LCID shares. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Evercore set a $6.00 target price on shares of Lucid Group in a research note on Monday, May 11th. Finally, William Blair lowered Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Stock Performance

The firm’s fifty day moving average price is $6.23 and its 200-day moving average price is $7.19. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -0.34 and a beta of 0.81.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The company had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. Lucid Group’s revenue was up 56.2% compared to the same quarter last year. Analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the company. Uber Technologies Inc acquired a new position in Lucid Group in the third quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Lucid Group by 93.5% during the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock worth $9,465,000 after purchasing an additional 2,167,882 shares during the last quarter. Finally, HRT Financial LP raised its stake in shares of Lucid Group by 148.1% during the second quarter. HRT Financial LP now owns 3,465,146 shares of the company’s stock worth $7,311,000 after purchasing an additional 2,068,440 shares during the last quarter. 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.