Lucid Group (NASDAQ:LCID) Shares Up 2.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 2.9% during mid-day trading on Thursday. The stock traded as high as $4.31 and last traded at $4.19. Approximately 7,973,478 shares traded hands during trading, a decline of 41% from the average daily volume of 13,483,061 shares. The stock had previously closed at $4.07.

Analysts Set New Price Targets

A number of brokerages have commented on LCID. Citigroup reduced their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, William Blair downgraded shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One investment 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. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Price Performance

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 stock has a 50 day simple moving average of $5.46 and a 200-day simple moving average of $6.41. The firm has a market cap of $1.65 billion, a PE ratio of -0.31 and a beta of 0.81.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. HBK Investments L P boosted its stake in Lucid Group by 217.9% in the 2nd quarter. HBK Investments L P now owns 33,070 shares of the company’s stock worth $221,000 after purchasing an additional 22,667 shares during the period. Tidal Investments LLC grew its holdings in Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock valued at $217,000 after buying an additional 8,347 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Lucid Group during the second quarter valued at approximately $694,000. Integrated Wealth Concepts LLC purchased a new position in shares of Lucid Group in the second quarter worth $129,000. Finally, IFP Advisors Inc lifted its holdings in shares of Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after buying an additional 3,497 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.