Lucid Group (NASDAQ:LCID) Shares Up 2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2% on Friday . The stock traded as high as $2.84 and last traded at $2.78. Approximately 20,444,931 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 79,811,070 shares. The stock had previously closed at $2.72.

Analysts Set New Price Targets

Several analysts have recently commented on LCID shares. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Up 0.6 %

The firm has a market capitalization of $8.24 billion, a PE ratio of -2.04 and a beta of 0.94. The business’s 50 day simple moving average is $2.74 and its 200 day simple moving average is $3.03. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

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

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co boosted its stake in shares of Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares during the period. Greenleaf Trust boosted its stake in shares of Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the period. GAMMA Investing LLC boosted its stake in shares of Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. SG Americas Securities LLC boosted its stake in shares of Lucid Group by 3.4% during the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company’s stock worth $475,000 after purchasing an additional 5,121 shares during the period. Finally, Xponance Inc. boosted its stake in shares of Lucid Group by 20.8% during the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after purchasing an additional 5,493 shares during the period. 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.