Lucid Group (NASDAQ:LCID) Shares Up 2.9% - Here's What Happened

Key Points

• Lucid Group's shares rose by 2.9% to close at $21.10, although trading volume decreased by 32% from the average.
• Analysts have set a consensus price target of $23.31, with ratings varying from Buy to Sell among different firms.
• The company recently reported a quarterly loss with EPS of -$2.80, missing estimates, though revenue increased by 29.3% year-over-year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 2.9% on Friday . The stock traded as high as $21.20 and last traded at $21.10. 7,946,540 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 11,704,244 shares. The stock had previously closed at $20.50.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Cantor Fitzgerald boosted their price objective on shares of Lucid Group to $20.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Morgan Stanley boosted their price objective on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Finally, Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a report on Friday, August 29th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $23.31.

Lucid Group Stock Up 2.9%

The company has a market cap of $6.48 billion, a PE ratio of -1.83 and a beta of 0.78. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The firm's fifty day simple moving average is $22.66 and its 200-day simple moving average is $23.17.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The business had revenue of $259.43 million during the quarter, compared to analysts' expectations of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm's revenue for the quarter was up 29.3% on a year-over-year basis. During the same period last year, the company earned ($2.90) EPS. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC increased its position in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock worth $25,000 after purchasing an additional 1,055 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in Lucid Group by 27.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock worth $44,000 after purchasing an additional 3,882 shares during the last quarter. Alpine Global Management LLC increased its position in Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after purchasing an additional 4,653 shares during the last quarter. Amalgamated Bank increased its position 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 in the last quarter. Finally, Heritage Wealth Advisors boosted its position in Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company's stock worth $35,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds 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.

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