Lucid Group (NASDAQ:LCID) Trading Up 1.7% - Here's What Happened

Key Points

• Lucid Group's shares rose by 1.7% to $18.76, despite a significant decline in trading volume by 72% from the average session.
• Analysts have mixed opinions on Lucid Group, with a consensus rating of “Hold” and an average price target of $23.31, while some target prices reach as high as $30.00.
• The company reported a loss of ($2.80) EPS for the last quarter, which was worse than expected, but revenue increased by 29.3% compared to last year.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 1.7% during mid-day trading on Tuesday . The stock traded as high as $19.14 and last traded at $18.76. 3,287,666 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 11,801,271 shares. The stock had previously closed at $18.44.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Stifel Nicolaus set a $2.10 price objective on Lucid Group in a report on Friday, August 29th. Cantor Fitzgerald boosted their price target on shares of Lucid Group to $20.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Morgan Stanley boosted their target price on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $23.31.

Lucid Group Trading Up 5.8%

The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The business's 50-day simple moving average is $22.93 and its two-hundred day simple moving average is $23.58. The company has a market capitalization of $6.00 billion, a PE ratio of -1.70 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $288.10 million. During the same period last year, the company earned ($2.90) earnings per share. The business's quarterly revenue 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.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of LCID. Sterling Investment Counsel LLC acquired a new stake in shares of Lucid Group in the first quarter valued at about $25,000. HB Wealth Management LLC acquired a new position in shares of Lucid Group in the 1st quarter worth approximately $25,000. Cigna Investments Inc. New acquired a new position in shares of Lucid Group in the 2nd quarter worth approximately $25,000. Tyche Wealth Partners LLC acquired a new position in shares of Lucid Group in the 2nd quarter worth approximately $26,000. Finally, Grimes & Company Inc. acquired a new position in shares of Lucid Group in the 1st quarter worth approximately $27,000. 75.17% of the stock is currently owned by institutional investors.

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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