Lucid Group (NASDAQ:LCID) Trading Up 3.3% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was up 3.3% on Thursday . The company traded as high as $2.24 and last traded at $2.22. Approximately 92,337,987 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 78,809,309 shares. The stock had previously closed at $2.15.

Analyst Upgrades and Downgrades

A number of analysts recently commented on LCID shares. Stifel Nicolaus decreased their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 price target for the company. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Finally, Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Lucid Group has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Price Performance

The firm has a market cap of $6.77 billion, a price-to-earnings ratio of -1.83 and a beta of 0.81. The business's 50-day moving average price is $2.43 and its two-hundred day moving average price is $2.59. 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 announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The firm had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period in the prior year, the firm earned ($0.27) earnings per share. The firm's quarterly revenue was up 36.1% compared to the same quarter last year. On average, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in the company. Public Investment Fund increased its stake in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after buying an additional 615,108 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC raised its stake in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. 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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