Lucid Group (NASDAQ:LCID) Trading 0.8% Higher

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 0.8% during trading on Thursday . The company traded as high as $2.63 and last traded at $2.62. Approximately 3,814,542 shares were traded during trading, a decline of 87% from the average daily volume of 29,958,705 shares. The stock had previously closed at $2.60.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on LCID shares. Citigroup reaffirmed a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus cut their price target on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $4.24.

Lucid Group Stock Up 2.7 %

The stock has a market capitalization of $6.16 billion, a PE ratio of -2.11 and a beta of 1.06. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average of $2.69 and a two-hundred day moving average of $3.10.

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

Institutional Trading of Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Vanguard Group Inc. lifted its position in Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares in the last quarter. Norges Bank purchased a new stake in Lucid Group during the 4th quarter worth $22,208,000. Invesco Ltd. increased its holdings in Lucid Group by 41.8% in the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after purchasing an additional 1,060,588 shares during the period. Finally, abrdn plc lifted its stake in shares of Lucid Group by 95.3% during the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after purchasing an additional 976,351 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.