Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 2% during mid-day trading on Thursday . The company traded as high as $2.34 and last traded at $2.33. 24,666,067 shares were traded during mid-day trading, a decline of 71% from the average session volume of 85,335,218 shares. The stock had previously closed at $2.28.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the stock. Robert W. Baird boosted 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. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.68.
Check Out Our Latest Research Report on LCID
Lucid Group Stock Down 1.7%
The firm's 50-day moving average price is $2.33 and its 200 day moving average price is $2.53. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of -1.89 and a beta of 0.78. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65.
Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. Lucid Group's quarterly revenue was up 36.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Public Investment Fund raised its position in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its position in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Geode Capital Management LLC increased its position in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after purchasing an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC increased its position in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.
Lucid Group Company Profile
(
Get Free Report)
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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