Lucid Group (NASDAQ:LCID) Trading Up 4.1% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) rose 4.1% on Monday . The company traded as high as $12.60 and last traded at $12.30. Approximately 6,958,345 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 10,987,421 shares. The stock had previously closed at $11.82.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Stifel Nicolaus cut their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 15th. Finally, Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Stock Performance

The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The company has a fifty day moving average price of $15.44 and a 200 day moving average price of $20.00. The stock has a market cap of $3.99 billion, a PE ratio of -1.15 and a beta of 0.86.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (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 the consensus estimate of $378.44 million. During the same quarter in the previous year, the business earned ($2.76) earnings per share. Lucid Group’s revenue was up 68.3% compared to the same quarter last year. Analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in Lucid Group by 27.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock valued at $44,000 after acquiring an additional 3,882 shares during the period. Amalgamated Bank boosted its stake in Lucid Group by 9.3% during the second quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after acquiring an additional 4,720 shares in the last quarter. Heritage Wealth Advisors grew its holdings in Lucid Group by 43.5% in the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after purchasing an additional 5,000 shares during the period. Finally, Brown Advisory Inc. increased its stake in shares of Lucid Group by 47.5% during the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.