Lucid Group (NASDAQ:LCID) Shares Up 4.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 4.1% during trading on Tuesday . The stock traded as high as $2.94 and last traded at $2.92. 25,292,577 shares traded hands during trading, a decline of 68% from the average session volume of 80,167,672 shares. The stock had previously closed at $2.80.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Price Performance

The company has a 50-day moving average of $2.77 and a 200-day moving average of $3.00. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of -2.20 and a beta of 0.93.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The company had revenue of $200.04 million for the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same period in the prior year, the company earned ($0.28) EPS. As a group, research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in Lucid Group in the 2nd quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in Lucid Group during the 4th quarter worth about $28,000. First National Corp MA ADV acquired a new position in shares of Lucid Group during the 4th quarter worth about $32,000. Yousif Capital Management LLC bought a new position in shares of Lucid Group in the 4th quarter valued at about $32,000. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $33,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.