Lucid Group (NASDAQ:LCID) Stock Price Up 2%

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2% during mid-day trading on Wednesday . The stock traded as high as $2.60 and last traded at $2.57. Approximately 6,564,084 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 34,049,605 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on LCID shares. Robert W. Baird dropped their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Stifel Nicolaus reduced their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Citigroup reissued a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday. Morgan Stanley restated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Finally, Bank of America lowered their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average target price of $4.34.

Lucid Group Stock Up 1.2 %

The stock has a market capitalization of $5.87 billion, a PE ratio of -1.84 and a beta of 1.01. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The stock’s fifty day simple moving average is $2.92 and its 200-day simple moving average is $3.64.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. During the same quarter in the previous year, the firm posted ($0.40) EPS. The business’s revenue for the quarter was down 39.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after purchasing an additional 9,175,312 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares in the last quarter. Invesco Ltd. raised its position in shares of Lucid Group by 41.8% in the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after buying an additional 1,763,443 shares during the period. Norges Bank acquired a new stake in Lucid Group in the 4th quarter valued at $22,208,000. Finally, Northern Trust Corp grew its stake in Lucid Group by 13.8% in the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after purchasing an additional 631,728 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.