Lucid Group (NASDAQ:LCID) Stock Price Up 2% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price shot up 2% on Tuesday . The company traded as high as $2.34 and last traded at $2.32. 21,484,700 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 85,275,787 shares. The stock had previously closed at $2.27.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Robert W. Baird raised their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Up 36.2%

The company's 50 day simple moving average is $2.33 and its 200 day simple moving average is $2.52. The firm has a market cap of $9.52 billion, a price-to-earnings ratio of -2.58 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97.

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). The business had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The business's revenue was up 36.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.27) EPS. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its holdings in shares of Lucid Group by 26.7% in the second quarter. Public Employees Retirement System of Ohio now owns 385,687 shares of the company's stock valued at $814,000 after buying an additional 81,309 shares during the last quarter. Cigna Investments Inc. New acquired a new position in shares of Lucid Group during the second quarter worth about $25,000. Park Avenue Securities LLC acquired a new position in shares of Lucid Group during the second quarter worth about $35,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Lucid Group by 974.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 224,951 shares of the company's stock worth $486,000 after acquiring an additional 204,015 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Lucid Group by 4.9% during the first quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock worth $1,972,000 after acquiring an additional 38,113 shares during the period. 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.