Lucid Group (NASDAQ:LCID) Shares Up 3.3% on Analyst Upgrade

Key Points

• Lucid Group's shares rose 3.3% following an upgrade from Cantor Fitzgerald, which raised the price target from $20.00 to $26.00.
• The stock currently has an average rating of Hold with a target price of $23.85, reflecting mixed sentiments from analysts.
• Lucid Group reported a quarterly EPS of ($2.80), missing estimates and showing a 29.3% increase in revenue year-over-year despite a negative net margin.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 3.3% on Wednesday after Cantor Fitzgerald raised their price target on the stock from $20.00 to $26.00. Cantor Fitzgerald currently has a neutral rating on the stock. Lucid Group traded as high as $23.50 and last traded at $22.98. 8,831,208 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 11,691,206 shares. The stock had previously closed at $22.24.

LCID has been the topic of a number of other reports. Morgan Stanley upped their target price on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 price target on shares of Lucid Group in a research note on Friday, August 29th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $23.85.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC purchased a new stake in Lucid Group in the 1st quarter worth approximately $25,000. HB Wealth Management LLC purchased a new stake in Lucid Group in the 1st quarter worth approximately $25,000. Cigna Investments Inc. New purchased a new stake in Lucid Group in the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC increased its holdings in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. Finally, Tyche Wealth Partners LLC purchased a new stake in Lucid Group in the 2nd quarter worth approximately $26,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The business's fifty day simple moving average is $22.60 and its 200-day simple moving average is $23.18. The firm has a market capitalization of $7.06 billion, a PE ratio of -2.00 and a beta of 0.78.

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

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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