Lucid Group (NASDAQ:LCID) Trading 3% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 3% during mid-day trading on Wednesday . The stock traded as high as $2.76 and last traded at $2.74. Approximately 5,943,164 shares traded hands during trading, a decline of 81% from the average daily volume of 30,977,168 shares. The stock had previously closed at $2.66.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on LCID shares. Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Bank of America lowered their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Robert W. Baird cut their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Citigroup reaffirmed a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Performance

The stock has a market capitalization of $6.09 billion, a PE ratio of -2.13 and a beta of 1.06. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The stock has a fifty day moving average of $2.69 and a 200-day moving average of $3.23.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data 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). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same period last year, the firm posted ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. Equities analysts anticipate that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Advisors LLC grew its position in Lucid Group by 84.5% in the 1st quarter. Cetera Advisors LLC now owns 19,015 shares of the company’s stock valued at $54,000 after buying an additional 8,710 shares during the last quarter. Swedbank AB purchased a new stake in Lucid Group during the first quarter worth $82,000. Tidal Investments LLC lifted its holdings in shares of Lucid Group by 12.7% in the first quarter. Tidal Investments LLC now owns 338,712 shares of the company’s stock valued at $965,000 after purchasing an additional 38,072 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in Lucid Group by 13.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 55,253 shares of the company’s stock valued at $157,000 after buying an additional 6,363 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after purchasing an additional 474,534 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.