Lucid Group (NASDAQ:LCID) Stock Price Up 2.6% - Here's What Happened

Key Points

• Lucid Group's stock price increased by 2.6%, closing at $19.89 after trading as high as $19.65, despite a significant drop in trading volume.
• A consensus rating of "Hold" is held by analysts regarding Lucid Group, with a projected price target of $23.31, while some analyst ratings range from a low of $2.10 to a high of $30.00.
• The company reported an earnings per share (EPS) of ($2.80), missing estimates, yet its revenue increased by 29.3% compared to the same quarter last year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was up 2.6% on Wednesday . The stock traded as high as $19.65 and last traded at $19.89. Approximately 2,415,725 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 11,804,346 shares. The stock had previously closed at $19.39.

Analyst Ratings Changes

Several analysts have issued reports on LCID shares. Cantor Fitzgerald upped their price target on shares of Lucid Group to $20.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Morgan Stanley raised their target price on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 2nd. Finally, Stifel Nicolaus set a $2.10 price target on Lucid Group in a research report on Friday, August 29th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Lucid Group currently has a consensus rating of "Hold" and a consensus price target of $23.31.

Lucid Group Stock Performance

The stock's 50 day moving average is $22.90 and its 200 day moving average is $23.49. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -1.69 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($2.80) EPS for the quarter, missing the consensus estimate 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 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% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.90) EPS. Analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its stake in shares of Lucid Group by 4.5% in the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock valued at $7,480,000 after acquiring an additional 132,497 shares in the last quarter. Swiss National Bank boosted its holdings in Lucid Group by 26.9% in the 1st quarter. Swiss National Bank now owns 2,334,000 shares of the company's stock valued at $5,648,000 after purchasing an additional 495,000 shares during the period. Vanguard Group Inc. grew its position in shares of 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. Vontobel Holding Ltd. increased its holdings in shares of Lucid Group by 119.5% during the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock worth $1,289,000 after purchasing an additional 289,880 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after buying an additional 15,493,320 shares during the period. Institutional investors own 75.17% of the company's stock.

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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