Lucid Group (NASDAQ:LCID) Trading 4.2% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 4.2% during mid-day trading on Thursday . The company traded as high as $18.10 and last traded at $17.96. Approximately 12,905,480 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 11,340,452 shares. The stock had previously closed at $17.24.

Analysts Set New Price Targets

A number of equities analysts have issued reports on LCID shares. Cantor Fitzgerald cut their target price on Lucid Group from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lucid Group in a research report on Wednesday, October 8th. Stifel Nicolaus set a $2.10 price target on Lucid Group in a research report on Friday, August 29th. Finally, Morgan Stanley upped their price target on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $23.74.

Lucid Group Stock Performance

The stock has a market capitalization of $5.52 billion, a P/E ratio of -1.56 and a beta of 0.80. The stock has a 50 day moving average of $20.31 and a 200 day moving average of $22.61. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.Lucid Group’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.76) earnings per share. Equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group in the third quarter worth $238,000. HB Wealth Management LLC bought a new position in shares of Lucid Group in the first quarter worth $25,000. Integrity Alliance LLC. bought a new position in Lucid Group during the first quarter valued at about $27,000. Sapient Capital LLC bought a new position in Lucid Group during the third quarter valued at about $287,000. Finally, Valeo Financial Advisors LLC boosted its stake in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.