Lucid Group (NASDAQ:LCID) Trading Up 0.9% - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 0.9% on Thursday . The company traded as high as $2.30 and last traded at $2.27. Approximately 19,116,524 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 65,081,740 shares. The stock had previously closed at $2.25.

Analyst Upgrades and Downgrades

LCID has been the subject of several research reports. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price target for the company. Robert W. Baird lifted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a research report on Tuesday, March 18th. Benchmark reaffirmed a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Finally, Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Two investment 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 data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a 50-day moving average of $2.35 and a 200-day moving average of $2.55. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of -1.73 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same quarter in the prior year, the business earned ($0.27) EPS. Lucid Group's revenue was up 36.1% compared to the same quarter last year. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of hedge funds have recently modified their holdings of the business. US Bancorp DE raised its position in Lucid Group by 97.0% during the first quarter. US Bancorp DE now owns 19,374 shares of the company's stock valued at $47,000 after buying an additional 9,539 shares during the period. NorthRock Partners LLC purchased a new stake in shares of Lucid Group in the first quarter worth approximately $59,000. Federated Hermes Inc. boosted its holdings in shares of Lucid Group by 36.4% during the first quarter. Federated Hermes Inc. now owns 42,855 shares of the company's stock worth $104,000 after purchasing an additional 11,445 shares during the period. Meeder Advisory Services Inc. grew its position in Lucid Group by 78.9% during the first quarter. Meeder Advisory Services Inc. now owns 35,185 shares of the company's stock valued at $85,000 after purchasing an additional 15,523 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lucid Group by 54.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,361 shares of the company's stock valued at $625,000 after buying an additional 90,677 shares during the period. Hedge funds and other institutional investors 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.

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