Lucid Group (NASDAQ:LCID) Trading 1.7% Higher - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 1.7% during trading on Monday . The company traded as high as $2.17 and last traded at $2.16. 30,489,731 shares changed hands during trading, a decline of 72% from the average session volume of 108,830,852 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. TD Cowen initiated coverage on Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective for the company. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a research note on Tuesday, March 18th. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, May 7th. Robert W. Baird upped their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Finally, Benchmark reaffirmed a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Down 3.8%

The firm has a market cap of $6.19 billion, a P/E ratio of -1.68 and a beta of 0.81. The company's 50-day simple moving average is $2.39 and its 200 day simple moving average is $2.58. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its 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). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The business had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same quarter in the prior year, the company posted ($0.27) earnings per share. The firm's quarterly revenue was up 36.1% compared to the same quarter last year. Research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the stock. Rhumbline Advisers raised its stake in shares of Lucid Group by 4.9% in the first quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock valued at $1,972,000 after acquiring an additional 38,113 shares during the period. Strs Ohio bought a new stake in Lucid Group in the first quarter worth about $947,000. Focus Partners Wealth boosted its position in shares of Lucid Group by 450.9% during the first quarter. Focus Partners Wealth now owns 215,241 shares of the company's stock valued at $521,000 after buying an additional 176,170 shares during the period. Integrity Alliance LLC. purchased a new position in shares of Lucid Group during the first quarter valued at approximately $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Lucid Group by 17.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,062,287 shares of the company's stock valued at $7,411,000 after buying an additional 449,656 shares during the last quarter. Institutional investors own 75.17% of the company's stock.

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.