Lucid Group (NASDAQ:LCID) Shares Up 6.8% - Here's What Happened

Key Points

• Lucid Group's shares jumped 6.8% to close at $21.06, despite trading volume being down 63% from its average.
• Several brokerages have raised their price targets for Lucid Group, with Morgan Stanley setting a target of $30.00 and Cantor Fitzgerald at $20.00, while the consensus rating is a "Hold."
• Lucid Group reported a loss of ($2.80) earnings per share for the last quarter, missing analyst estimates and revealing a significant revenue shortfall.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 6.8% on Wednesday . The stock traded as high as $21.04 and last traded at $21.06. 4,326,237 shares were traded during mid-day trading, a decline of 63% from the average session volume of 11,691,210 shares. The stock had previously closed at $19.72.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LCID. Stifel Nicolaus set a $2.10 price target on Lucid Group in a research note on Friday, August 29th. Morgan Stanley increased their price target on Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 2nd. Finally, Cantor Fitzgerald increased their price target on Lucid Group to $20.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $23.31.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. The company has a fifty day moving average price of $22.76 and a 200 day moving average price of $23.20. The stock has a market cap of $6.26 billion, a P/E ratio of -1.77 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted 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). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. During the same period in the previous year, the business posted ($2.90) EPS. The business's revenue for the quarter was up 29.3% compared to the same quarter last year. On average, equities analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in shares of Lucid Group by 4.5% in the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock valued at $7,480,000 after purchasing an additional 132,497 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Lucid Group by 26.9% in the first quarter. Swiss National Bank now owns 2,334,000 shares of the company's stock valued at $5,648,000 after purchasing an additional 495,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in Lucid Group by 119.5% during the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock worth $1,289,000 after acquiring an additional 289,880 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after acquiring an additional 15,493,320 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.