Lucid Group (NASDAQ:LCID) Shares Up 3% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 3% during trading on Wednesday . The stock traded as high as $2.22 and last traded at $2.22. 26,731,169 shares were traded during trading, a decline of 75% from the average session volume of 106,931,031 shares. The stock had previously closed at $2.15.

Wall Street Analyst Weigh In

LCID has been the topic of several research analyst reports. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Stifel Nicolaus dropped their target price 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. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Two 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. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Trading Down 1.4%

The firm has a market capitalization of $6.68 billion, a PE ratio of -1.81 and a beta of 0.81. The company's 50-day moving average price is $2.42 and its 200-day moving average price is $2.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results 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 business 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%. The business's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same period last year, the company earned ($0.27) earnings per share. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LCID. BI Asset Management Fondsmaeglerselskab A S lifted its position in Lucid Group by 27.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock valued at $44,000 after acquiring an additional 3,882 shares during the last quarter. Sei Investments Co. increased its position in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company's stock worth $109,000 after purchasing an additional 4,431 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of Lucid Group by 4.0% in the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after purchasing an additional 4,591 shares during the last quarter. Alpine Global Management LLC boosted its position in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after purchasing an additional 4,653 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Lucid Group by 1.9% in the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock valued at $818,000 after purchasing an additional 5,022 shares during the period. 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.