Lucid Group (NASDAQ:LCID) Trading 2.8% Higher - Here's What Happened

Key Points

• Lucid Group's stock trading increased by 2.8%, reaching a high of $25.07 but closing at $24.77 on Friday, with a volume of just over 11 million shares.
• Analysts have mixed opinions on Lucid Group, with target prices ranging from $2.10 to $30.00, and a consensus rating of "Reduce" with a target price of $23.85.
• In its last quarterly earnings report, Lucid Group missed EPS estimates, reporting ($2.80) against a predicted ($2.20), but revenue increased by 29.3% year-over-year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 2.8% during mid-day trading on Friday . The stock traded as high as $25.07 and last traded at $24.77. 11,158,571 shares changed hands during trading, a decline of 4% from the average session volume of 11,627,389 shares. The stock had previously closed at $24.10.

Analysts Set New Price Targets

Several equities analysts have commented on LCID shares. Morgan Stanley lifted their target price on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research note on Friday, August 29th. Cantor Fitzgerald upped their price objective on shares of Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, September 24th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Lucid Group in a research report on Saturday, September 27th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $23.85.

Lucid Group Trading Up 2.8%

The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The company has a 50-day moving average price of $21.86 and a 200-day moving average price of $23.33. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of -2.15 and a beta of 0.81.

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

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of Lucid Group by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock worth $7,480,000 after acquiring an additional 132,497 shares during the period. Swiss National Bank grew its stake in Lucid Group by 26.9% in the 1st quarter. Swiss National Bank now owns 2,334,000 shares of the company's stock worth $5,648,000 after buying an additional 495,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after acquiring an additional 615,108 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in Lucid Group by 119.5% in the 1st 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 in the last quarter. Finally, Wealthfront Advisers LLC grew its position in Lucid Group by 58.7% during the 1st quarter. Wealthfront Advisers LLC now owns 233,286 shares of the company's stock valued at $565,000 after purchasing an additional 86,255 shares during the last quarter. Institutional investors and hedge funds 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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