Lucid Group (NASDAQ:LCID) Trading 9.7% Higher Following Analyst Upgrade

Key Points

• Lucid Group's shares surged 9.7% after Cantor Fitzgerald upgraded its price target from $3.00 to $20.00, although the firm maintains a neutral rating on the stock.
• The company's most recent quarterly earnings report showed a $2.80 earnings per share loss, missing analyst estimates, and resulting in a negative net margin of 259.57%.
• Institutional investors hold 75.17% of Lucid Group's stock, with notable recent increases in positions from various hedge funds and asset management firms.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 9.7% during mid-day trading on Friday after Cantor Fitzgerald raised their price target on the stock from $3.00 to $20.00. Cantor Fitzgerald currently has a neutral rating on the stock. Lucid Group traded as high as $17.50 and last traded at $17.73. Approximately 13,460,388 shares changed hands during trading, an increase of 15% from the average daily volume of 11,705,669 shares. The stock had previously closed at $16.16.

A number of other equities analysts have also issued reports on the company. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th. Morgan Stanley upped their price objective on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $23.31.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Envestnet Asset Management Inc. boosted its holdings in Lucid Group by 14.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 54,619 shares of the company's stock valued at $165,000 after purchasing an additional 6,994 shares during the period. Dimensional Fund Advisors LP increased its stake in Lucid Group by 5.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,034,932 shares of the company's stock worth $12,190,000 after buying an additional 208,220 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Lucid Group by 325.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 47,830 shares of the company's stock worth $144,000 after acquiring an additional 36,592 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Lucid Group by 30.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 683,257 shares of the company's stock valued at $2,064,000 after acquiring an additional 160,518 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock worth $363,000 after buying an additional 4,591 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

Lucid Group Stock Up 11.2%

The company has a market cap of $5.52 billion, a PE ratio of -1.54 and a beta of 0.78. The business's fifty day simple moving average is $23.06 and its two-hundred day simple moving average is $23.80. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share 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 firm had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. During the same quarter in the previous year, the business posted ($2.90) earnings per share. Lucid Group's revenue for the quarter was up 29.3% compared to the same quarter last year. On average, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

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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