Lucid Group (NASDAQ:LCID) Trading 4.3% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 4.3% on Wednesday . The stock traded as high as $13.33 and last traded at $12.98. 8,210,580 shares traded hands during trading, a decline of 26% from the average session volume of 11,130,820 shares. The stock had previously closed at $12.45.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and dropped their price target for the stock from $30.00 to $10.00 in a research note on Monday. Finally, Stifel Nicolaus reduced their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $21.54.

Lucid Group Trading Up 4.1%

The company has a 50 day simple moving average of $17.21 and a 200 day simple moving average of $20.75. The stock has a market capitalization of $4.20 billion, a PE ratio of -1.21 and a beta of 0.86. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in shares of Lucid Group by 97.0% in the 1st quarter. US Bancorp DE now owns 19,374 shares of the company’s stock valued at $47,000 after acquiring an additional 9,539 shares during the period. Blair William & Co. IL boosted its stake in Lucid Group by 50.5% in the first quarter. Blair William & Co. IL now owns 16,036 shares of the company’s stock valued at $39,000 after acquiring an additional 5,379 shares during the period. Vanguard Group Inc. grew its position in shares of Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after acquiring an additional 615,108 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,740,395 shares of the company’s stock worth $16,312,000 after buying an additional 144,694 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of Lucid Group by 5.8% in the first quarter. Deutsche Bank AG now owns 102,587 shares of the company’s stock worth $248,000 after purchasing an additional 5,661 shares in the last quarter. 75.17% of the stock is 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.