Lucid Group (NASDAQ:LCID) Stock Price Up 1.3% - Here's What Happened

Key Points

• Lucid Group's stock price increased by 1.3% during trading on Monday, closing at $19.89 after a high of $20.16, with trading volume dropping by 55%.
• Analysts have given mixed ratings for Lucid Group, with a consensus price target of $24.24 and ratings ranging from Buy to Sell.
• The company's latest earnings report showed a loss of ($2.80) per share, with revenues of $259.43 million, missing analyst expectations significantly.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 1.3% during trading on Monday . The company traded as high as $20.16 and last traded at $19.89. Approximately 5,176,410 shares changed hands during trading, a decline of 55% from the average daily volume of 11,416,712 shares. The stock had previously closed at $19.63.

Analyst Ratings Changes

LCID has been the subject of a number of research analyst reports. Cantor Fitzgerald boosted their price target on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, September 24th. Morgan Stanley boosted their price target on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Finally, Stifel Nicolaus set a $2.10 price target on Lucid Group in a report on Friday, August 29th. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $24.24.

Lucid Group Stock Up 1.3%

The business has a fifty day simple moving average of $21.22 and a 200-day simple moving average of $23.18. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results 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). The firm had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.Lucid Group's revenue for the quarter was up 29.3% on a year-over-year basis. During the same period in the previous year, the company earned ($2.90) EPS. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake 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 buying an additional 615,108 shares during the period. Geode Capital Management LLC boosted its position in shares of Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company's stock valued at $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock valued at $26,697,000 after purchasing an additional 12,146,136 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Lucid Group during the 2nd quarter valued at about $16,469,000. 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.

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