Lucid Group (NASDAQ:LCID) Stock Price Up 3.2% - Here's Why

Key Points

• Lucid Group's stock (NASDAQ:LCID) increased by 3.2% on Wednesday, trading up to $21.40 before settling at $20.36, with a trading volume of approximately 12.8 million shares.
• Recent research from analysts has resulted in varying price targets for Lucid Group, with Morgan Stanley setting a target of $30.00 and others ranging from $2.10 to $20.00, reflecting a consensus rating of "Hold" and a target price of $23.31.
• Despite a revenue increase of 29.3% year-over-year, Lucid Group reported a loss of ($2.80) EPS for the last quarter, missing analysts' expectations by ($0.60).

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 3.2% on Wednesday . The stock traded as high as $21.40 and last traded at $20.36. Approximately 12,866,180 shares were traded during trading, an increase of 10% from the average daily volume of 11,748,198 shares. The stock had previously closed at $19.72.

Analysts Set New Price Targets

LCID has been the subject of several recent research reports. Stifel Nicolaus set a $2.10 price target on Lucid Group in a report on Friday, August 29th. Morgan Stanley increased their price target on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Finally, Cantor Fitzgerald increased their price target on Lucid Group to $20.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Lucid Group presently has a consensus rating of "Hold" and a consensus target price of $23.31.

Lucid Group Trading Up 3.2%

The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The business has a fifty day simple moving average of $22.76 and a 200 day simple moving average of $23.20. The company has a market cap of $6.26 billion, a price-to-earnings ratio of -1.77 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($2.80) EPS for the quarter, missing analysts' consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. During the same period last year, the business posted ($2.90) EPS. Lucid Group's revenue was up 29.3% compared to the same quarter last year. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LCID. Two Sigma Investments LP increased its position 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 in the last quarter. Marshall Wace LLP increased its position in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock valued at $26,697,000 after buying an additional 12,146,136 shares in the last quarter. Two Sigma Advisers LP purchased a new position in shares of Lucid Group in the fourth quarter valued at $34,123,000. Norges Bank purchased a new position in shares of Lucid Group in the second quarter valued at $16,469,000. Finally, Linden Advisors LP purchased a new position in shares of Lucid Group in the second quarter valued at $9,885,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.