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

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a report on Tuesday, March 18th. Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target on the stock. Finally, Benchmark reaffirmed a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Down 3.6%

The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The company's 50-day moving average is $2.39 and its two-hundred day moving average is $2.58.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted 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). The company had revenue of $235.05 million for 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 was up 36.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.27) earnings per share. As a group, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of the company. Sterling Investment Counsel LLC bought a new stake in Lucid Group in the 1st quarter worth approximately $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group in the 1st quarter worth approximately $25,000. Grimes & Company Inc. purchased a new stake in shares of Lucid Group in the 1st quarter valued at $27,000. Integrity Alliance LLC. purchased a new stake in shares of Lucid Group in the 1st quarter valued at $27,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock valued at $29,000 after purchasing an additional 6,295 shares during the last quarter. 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.