Lucid Group (NASDAQ:LCID) Shares Up 2.1% - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 2.1% on Monday . The company traded as high as $2.22 and last traded at $2.20. 32,879,690 shares were traded during trading, a decline of 57% from the average session volume of 75,850,654 shares. The stock had previously closed at $2.15.

Wall Street Analyst Weigh In

Several equities research analysts have commented on LCID shares. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Bank of America cut Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Redburn Atlantic cut Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, May 7th. Finally, Robert W. Baird raised their price target on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lucid Group has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Up 4.4%

The company has a market cap of $6.85 billion, a P/E ratio of -1.68 and a beta of 0.81. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The business has a 50-day moving average price of $2.46 and a two-hundred day moving average price of $2.59.

Lucid Group (NASDAQ:LCID - Get Free Report) last released 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). The company 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 company's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.27) EPS. On average, analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in 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 acquired a new position in shares of Lucid Group during 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 worth $521,000 after buying an additional 176,170 shares during the period. Integrity Alliance LLC. acquired a new position in Lucid Group during the first quarter valued at approximately $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in 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 purchasing an additional 449,656 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

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