Lucid Group (NASDAQ:LCID) Trading 5% Higher - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 5% during trading on Tuesday . The stock traded as high as $2.82 and last traded at $2.82. Approximately 48,608,089 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 68,286,205 shares. The stock had previously closed at $2.68.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research analyst reports. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for the company. Bank of America cut Lucid Group from a "neutral" rating to an "underperform" rating and cut their price target for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Robert W. Baird upped their price objective on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Performance

The company has a market cap of $7.81 billion, a PE ratio of -1.91 and a beta of 0.88. The stock has a 50 day simple moving average of $2.48 and a two-hundred day simple moving average of $2.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business had revenue of $235.05 million during the quarter, compared to analysts' expectations of $250.50 million. During the same quarter last year, the company earned ($0.27) EPS. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year. Equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its stake in Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after acquiring an additional 249,500 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Lucid Group by 3.4% in the fourth quarter. SG Americas Securities LLC now owns 157,160 shares of the company's stock valued at $475,000 after purchasing an additional 5,121 shares during the period. Atlas Private Wealth Advisors purchased a new stake in shares of Lucid Group during the fourth quarter worth approximately $35,000. Geneos Wealth Management Inc. raised its stake in shares of Lucid Group by 55.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 19,849 shares of the company's stock worth $60,000 after purchasing an additional 7,080 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth $34,000. 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.