Lucid Group (NASDAQ:LCID) Trading Up 40.4% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 40.4% during trading on Thursday . The stock traded as high as $3.19 and last traded at $3.22. 505,842,509 shares changed hands during mid-day trading, an increase of 478% from the average session volume of 87,579,463 shares. The stock had previously closed at $2.29.

Analysts Set New Price Targets

Several brokerages recently commented on LCID. Robert W. Baird increased their price objective 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 reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. 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 stock. According to MarketBeat.com, Lucid Group presently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The business's 50 day moving average is $2.35 and its two-hundred day moving average is $2.52. The firm has a market cap of $9.35 billion, a P/E ratio of -2.53 and a beta of 0.78. The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same period in the prior year, the business earned ($0.27) EPS. Lucid Group's quarterly revenue was up 36.1% on a year-over-year basis. As a group, analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Large investors have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in Lucid Group in the fourth quarter worth $780,000. XTX Topco Ltd grew its holdings in shares of Lucid Group by 395.7% during the fourth quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock valued at $2,564,000 after buying an additional 677,846 shares during the last quarter. Norges Bank acquired a new position in shares of Lucid Group during the fourth quarter valued at about $9,446,000. Vontobel Holding Ltd. grew its holdings in shares of Lucid Group by 119.5% during the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock valued at $1,289,000 after buying an additional 289,880 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after buying an additional 12,803,987 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.