Lucid Group (NASDAQ:LCID) Trading 5.1% Higher - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 5.1% during mid-day trading on Friday . The stock traded as high as $2.23 and last traded at $2.16. Approximately 211,394,699 shares changed hands during trading, an increase of 151% from the average daily volume of 84,058,531 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on LCID shares. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Robert W. Baird boosted their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Monday, April 21st. Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Finally, Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. 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. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The firm has a market capitalization of $6.57 billion, a PE ratio of -1.78 and a beta of 0.78. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65. The business's 50 day simple moving average is $2.36 and its two-hundred day simple moving average is $2.57.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share 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 analysts' expectations of $250.50 million. Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. Lucid Group's quarterly revenue was up 36.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. Research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Public Investment Fund raised its stake in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after acquiring an additional 26,172,852 shares during the period. Two Sigma Investments LP grew its position in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the period. Renaissance Technologies LLC grew its position in shares of Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new stake in shares of Lucid Group during the 4th quarter valued at $34,123,000. 75.17% of the stock is currently owned by hedge funds and other 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.