Lucid Group (NASDAQ:LCID) Stock Price Up 0.6% - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 0.6% during mid-day trading on Tuesday . The stock traded as high as $2.41 and last traded at $2.38. 35,775,882 shares traded hands during trading, a decline of 44% from the average session volume of 64,438,292 shares. The stock had previously closed at $2.36.

Analyst Upgrades and Downgrades

Several analysts have weighed in on LCID shares. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Robert W. Baird boosted their price objective on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Up 8.7 %

The firm's 50 day moving average price is $2.36 and its 200-day moving average price is $2.55. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market cap of $7.61 billion, a P/E ratio of -1.87 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period in the previous year, the business posted ($0.27) earnings per share. Lucid Group's revenue was up 36.1% 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.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Sterling Investment Counsel LLC acquired a new position in shares of Lucid Group during the 1st quarter worth about $25,000. HB Wealth Management LLC acquired a new position in Lucid Group during the first quarter valued at approximately $25,000. Grimes & Company Inc. acquired a new position in Lucid Group during the first quarter valued at approximately $27,000. Newbridge Financial Services Group Inc. bought a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Finally, Accredited Investors Inc. acquired a new stake in Lucid Group in the fourth quarter worth $30,000. 75.17% of the stock is currently owned by institutional investors.

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.