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

Key Points

• Lucid Group shares increased by 2.1%, trading at $2.18 after a previous close of $2.13, despite significantly lower trading volume.
• Analysts have raised the price target for Lucid Group from $2.00 to $3.00, with a consensus rating of "Hold" and a target price of $2.68.
• The company reported a loss of $0.28 EPS for the last quarter, missing expectations, while revenue showed a 29.3% year-over-year increase.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 2.1% on Monday . The company traded as high as $2.23 and last traded at $2.18. 25,387,309 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 118,028,594 shares. The stock had previously closed at $2.13.

Analysts Set New Price Targets

A number of brokerages have weighed in on LCID. Robert W. Baird lifted 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. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of -1.90 and a beta of 0.79. The company's fifty day simple moving average is $2.35 and its 200 day simple moving average is $2.47. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.06). The business had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company's revenue was up 29.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) EPS. On average, equities research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Lucid Group by 27.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock worth $44,000 after acquiring an additional 3,882 shares during the last quarter. Voya Investment Management LLC lifted its holdings in shares of Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock worth $363,000 after acquiring an additional 4,591 shares during the last quarter. Alpine Global Management LLC lifted its holdings in shares of Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after acquiring an additional 4,653 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Lucid Group by 9.3% in the second quarter. Amalgamated Bank now owns 55,350 shares of the company's stock worth $117,000 after acquiring an additional 4,720 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Lucid Group by 13.8% in the second quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company's stock worth $87,000 after acquiring an additional 5,013 shares during the last quarter. Institutional investors 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.

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