Lucid Group (NASDAQ:LCID) Sees Large Volume Increase - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) saw an uptick in trading volume on Monday . 59,872,327 shares were traded during trading, a decline of 7% from the previous session's volume of 64,227,495 shares.The stock last traded at $2.37 and had previously closed at $2.53.

Analyst Ratings Changes

LCID has been the subject of several recent analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cowen assumed coverage on Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, TD Cowen initiated coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Trading Up 8.7 %

The firm has a fifty day moving average of $2.35 and a two-hundred day moving average of $2.55. The company has a market cap of $7.61 billion, a PE ratio of -1.87 and a beta of 0.88. 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 - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business's revenue for the quarter was up 36.1% on a year-over-year basis. During the same period last year, the firm earned ($0.27) EPS. As a group, sell-side analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Sterling Investment Counsel LLC bought a new position in Lucid Group in the 1st quarter worth about $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group in the 1st quarter valued at about $25,000. Grimes & Company Inc. purchased a new stake in Lucid Group during the 1st quarter valued at about $27,000. Newbridge Financial Services Group Inc. bought a new position in Lucid Group during the 4th quarter worth approximately $28,000. Finally, Accredited Investors Inc. purchased a new position in Lucid Group in the 4th quarter worth approximately $30,000. 75.17% of the stock is currently 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.