Lucid Group (NASDAQ:LCID) Trading 5.2% Higher - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 5.2% during mid-day trading on Friday . The stock traded as high as $2.45 and last traded at $2.43. Approximately 44,213,514 shares changed hands during trading, a decline of 32% from the average daily volume of 65,481,640 shares. The stock had previously closed at $2.31.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Stifel Nicolaus decreased their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Benchmark reiterated a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Two equities 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's stock. Based on data from MarketBeat, Lucid Group has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Performance

The stock has a 50-day moving average price of $2.35 and a 200 day moving average price of $2.55. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $7.52 billion, a price-to-earnings ratio of -1.85 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted 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 return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same quarter last year, the firm earned ($0.27) EPS. The company's revenue was up 36.1% on a year-over-year basis. On average, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group during the 4th quarter worth about $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the fourth quarter worth approximately $30,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $31,000. DRW Securities LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at $31,000. Finally, HB Wealth Management LLC purchased a new position in shares of Lucid Group in the 1st quarter valued at $25,000. 75.17% of the stock is 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.

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