Lucid Group (NASDAQ:LCID) Trading Up 1.7% - Here's Why

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

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent research reports. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Morgan Stanley raised Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. Benchmark reaffirmed a "buy" rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Finally, Robert W. Baird raised their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Two investment 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, the company currently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Up 5.1%

The business's 50-day moving average price is $2.37 and its two-hundred day moving average price is $2.57. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -1.78 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same period last year, the firm earned ($0.27) EPS. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year. Research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC bought a new stake in shares of Lucid Group during the 1st quarter worth $25,000. HB Wealth Management LLC acquired a new stake in Lucid Group in the first quarter valued at approximately $25,000. Grimes & Company Inc. bought a new position in shares of Lucid Group in the 1st quarter valued at $27,000. Integrity Alliance LLC. bought a new stake in Lucid Group during the 1st quarter worth $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Lucid Group by 111.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock valued at $29,000 after purchasing an additional 6,295 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.