Lucid Group (NASDAQ:LCID) Shares Up 5.5% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded up 5.5% on Tuesday . The company traded as high as $2.21 and last traded at $2.23. 48,675,768 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 110,778,484 shares. The stock had previously closed at $2.11.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Finally, Robert W. Baird lifted their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Two research 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 data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Down 1.9%

The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of -1.90 and a beta of 0.78. The stock's fifty day moving average price is $2.34 and its 200-day moving average price is $2.55.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued 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). The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. Lucid Group's quarterly revenue was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC acquired a new position in Lucid Group during the first quarter worth $25,000. HB Wealth Management LLC acquired a new position in Lucid Group during the first quarter worth $25,000. Grimes & Company Inc. acquired a new position in Lucid Group during the first quarter worth $27,000. Integrity Alliance LLC. acquired a new position in Lucid Group during the first quarter worth $27,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Lucid Group by 111.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after buying an additional 6,295 shares during the last quarter. 75.17% of the stock is currently 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.