Lucid Group (NASDAQ:LCID) Stock Price Up 3.6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 3.6% during trading on Tuesday . The stock traded as high as $13.20 and last traded at $13.13. Approximately 6,813,710 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 11,285,577 shares. The stock had previously closed at $12.67.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LCID. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Morgan Stanley boosted their price objective on shares of Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $24.04.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The firm has a market cap of $4.34 billion, a P/E ratio of -1.25 and a beta of 0.80. The firm’s fifty day moving average price is $18.91 and its 200 day moving average price is $21.59.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. Lucid Group’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($2.76) earnings per share. Sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Dark Forest Capital Management LP purchased a new position in Lucid Group in the third quarter valued at about $1,229,000. Uber Technologies Inc purchased a new position in shares of Lucid Group in the 3rd quarter worth approximately $326,283,000. Paloma Partners Management Co bought a new position in shares of Lucid Group during the 3rd quarter worth approximately $1,368,000. Holocene Advisors LP purchased a new stake in Lucid Group during the third quarter valued at approximately $1,042,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Lucid Group in the third quarter valued at approximately $3,813,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

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.