Lucid Group (NASDAQ:LCID) Stock Price Up 2.1% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 2.1% during trading on Thursday . The stock traded as high as $2.22 and last traded at $2.19. Approximately 50,197,327 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 80,551,109 shares. The stock had previously closed at $2.14.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Cowen assumed coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. TD Cowen began coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. Stifel Nicolaus dropped their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Finally, Robert W. Baird raised their price objective on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The company's 50-day simple moving average is $2.40 and its 200-day simple moving average is $2.59. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of -1.81 and a beta of 0.81. 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 quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The business's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.27) EPS. On average, analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the stock. Accredited Investors Inc. acquired a new stake in Lucid Group during the 4th quarter valued at approximately $30,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at $31,000. DRW Securities LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at $31,000. HB Wealth Management LLC acquired a new stake in shares of Lucid Group during the first quarter worth $25,000. Finally, Sterling Investment Counsel LLC bought a new position in Lucid Group during the first quarter worth $25,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

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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