Lucid Group (NASDAQ:LCID) Shares Gap Up - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $2.29, but opened at $3.00. Lucid Group shares last traded at $2.98, with a volume of 436,057,950 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on LCID shares. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Robert W. Baird boosted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Performance

The stock's 50-day simple moving average is $2.35 and its 200 day simple moving average is $2.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The company has a market capitalization of $9.27 billion, a PE ratio of -2.51 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The firm had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. During the same period in the prior year, the company posted ($0.27) earnings per share. The company's revenue for the quarter was up 36.1% on a year-over-year basis. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock valued at $19,919,000 after acquiring an additional 1,499,034 shares in the last quarter. Victory Capital Management Inc. lifted its position in Lucid Group by 31.6% during the fourth quarter. Victory Capital Management Inc. now owns 144,451 shares of the company's stock valued at $436,000 after buying an additional 34,705 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Lucid Group during the fourth quarter valued at approximately $31,000. Raymond James Financial Inc. purchased a new stake in shares of Lucid Group during the fourth quarter valued at approximately $780,000. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Lucid Group by 835.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 103,258 shares of the company's stock worth $312,000 after buying an additional 92,225 shares during the last quarter. Institutional investors and hedge funds 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.