Lucid Group (NASDAQ:LCID) Stock Price Up 2.7%

Lucid Group, Inc. (NASDAQ:LCID) shares rose 2.7% during trading on Monday . The company traded as high as $2.71 and last traded at $2.68. Approximately 6,430,204 shares changed hands during trading, a decline of 78% from the average daily volume of 29,829,879 shares. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Citigroup reissued a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Stifel Nicolaus decreased their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley reissued an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Finally, Cantor Fitzgerald reissued an “underweight” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Monday. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.24.

Lucid Group Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -2.09 and a beta of 1.04. The business’s 50 day moving average is $2.70 and its 200-day moving average is $3.07.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.43) earnings per share. Equities analysts anticipate that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Treasurer of the State of North Carolina lifted its holdings in shares of Lucid Group by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock worth $1,391,000 after acquiring an additional 3,230 shares during the period. Heritage Wealth Advisors increased its position in Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares in the last quarter. Apollon Wealth Management LLC increased its position in Lucid Group by 24.6% in the 4th quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after acquiring an additional 4,170 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in Lucid Group by 5.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after acquiring an additional 4,350 shares in the last quarter. Finally, Capital Square LLC increased its position in 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 in the last quarter. 75.17% of the stock is owned by institutional investors.

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.