Lucid Group (NASDAQ:LCID) Trading Up 1.7%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 1.7% on Tuesday . The company traded as high as $2.43 and last traded at $2.42. Approximately 6,340,248 shares traded hands during trading, a decline of 81% from the average daily volume of 34,169,969 shares. The stock had previously closed at $2.38.

Analysts Set New Price Targets

A number of brokerages have issued reports on LCID. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Finally, Stifel Nicolaus cut their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.34.

Lucid Group Trading Up 5.5 %

The firm has a market capitalization of $5.77 billion, a P/E ratio of -1.73 and a beta of 1.01. The stock has a 50-day simple moving average of $2.93 and a two-hundred day simple moving average of $3.66. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s revenue for the quarter was down 39.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.40) earnings per share. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in LCID. Vanguard Group Inc. raised its holdings in Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares in the last quarter. Norges Bank purchased a new stake in Lucid Group during the fourth quarter valued at approximately $22,208,000. Hsbc Holdings PLC boosted its stake in Lucid Group by 496.8% in the fourth quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after acquiring an additional 1,900,730 shares in the last quarter. Invesco Ltd. grew its holdings in Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Lucid Group during the third quarter worth $6,230,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.