Lucid Group (NASDAQ:LCID) Stock Price Up 2% - Here's Why

Key Points

• Lucid Group's stock price increased by 2% during trading, reaching a last traded price of $21.39.
• Analysts have mixed ratings for the stock, with a consensus rating of "Reduce" and an average price target of $23.85.
• The company's recent quarterly earnings report showed a loss of $2.80 EPS, missing estimates and reflecting a negative net margin of 259.57%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 2% during trading on Monday . The stock traded as high as $21.57 and last traded at $21.39. Approximately 5,244,693 shares were traded during trading, a decline of 55% from the average daily volume of 11,542,415 shares. The stock had previously closed at $20.98.

Analyst Ratings Changes

Several equities analysts have recently commented on LCID shares. Morgan Stanley upped 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. Stifel Nicolaus set a $2.10 price target on Lucid Group in a research note on Friday, August 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald increased their target price on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Lucid Group currently has a consensus rating of "Reduce" and an average price target of $23.85.

Lucid Group Stock Up 2.0%

The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The company has a market cap of $6.57 billion, a price-to-earnings ratio of -1.86 and a beta of 0.81. The business has a 50-day simple moving average of $21.44 and a 200-day simple moving average of $23.28.

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 analysts' consensus estimates of ($2.20) by ($0.60). The company had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. Lucid Group's revenue for the quarter was up 29.3% on a year-over-year basis. During the same period in the prior year, the business earned ($2.90) EPS. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. GAMMA Investing LLC increased its holdings in shares of Lucid Group by 187.3% in the 1st quarter. GAMMA Investing LLC now owns 34,078 shares of the company's stock valued at $82,000 after acquiring an additional 22,218 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Lucid Group by 4.9% in the 1st quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock valued at $1,972,000 after acquiring an additional 38,113 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Lucid Group by 63.4% in the 1st quarter. SG Americas Securities LLC now owns 256,869 shares of the company's stock valued at $622,000 after acquiring an additional 99,709 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Lucid Group by 29.3% in the 1st quarter. Handelsbanken Fonder AB now owns 342,600 shares of the company's stock valued at $829,000 after acquiring an additional 77,700 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of Lucid Group in the 1st quarter valued at about $123,000. 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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