Lucid Group (NASDAQ:LCID) Shares Up 5.5%

Shares of Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) were up 5.5% during trading on Monday . The stock traded as high as $3.13 and last traded at $3.09. Approximately 26,602,189 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 29,849,141 shares. The stock had previously closed at $2.93.

Analysts Set New Price Targets

LCID has been the subject of several research reports. Morgan Stanley restated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus cut their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday. Finally, Citigroup reaffirmed a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $4.14.

Get Our Latest Report on LCID

Lucid Group Stock Performance

The company has a market cap of $7.27 billion, a price-to-earnings ratio of -2.44 and a beta of 1.04. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The stock’s 50 day moving average price is $2.76 and its 200 day moving average price is $2.98.

Lucid Group (NASDAQ:LCIDGet Free Report) last released its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. Lucid Group’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. On average, analysts expect that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina lifted its stake in shares of Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after purchasing an additional 3,230 shares in the last quarter. Heritage Wealth Advisors lifted its position in Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares in the last quarter. Apollon Wealth Management LLC grew its stake in Lucid Group by 24.6% during the fourth quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock worth $89,000 after buying an additional 4,170 shares during the period. First Trust Direct Indexing L.P. increased its position in shares of Lucid Group by 5.5% in the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after acquiring an additional 4,350 shares in the last quarter. Finally, Capital Square LLC raised its stake in shares of Lucid Group by 34.7% in the 4th quarter. Capital Square LLC now owns 18,615 shares of the company’s stock valued at $78,000 after acquiring an additional 4,800 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

(Get Free Report)

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.

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