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

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

Analysts Set New Price Targets

LCID has been the subject of several research analyst reports. Morgan Stanley raised Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a research note on Tuesday, March 18th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Robert W. Baird raised their target price on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Finally, TD Cowen began coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 price target on the stock. 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Trading Down 1.4%

The firm has a market cap of $6.68 billion, a price-to-earnings ratio of -1.81 and a beta of 0.81. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The business has a 50-day moving average of $2.42 and a 200-day moving average of $2.59.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The company's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.27) EPS. Research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Sterling Investment Counsel LLC acquired a new stake in shares of Lucid Group during the first quarter valued at about $25,000. HB Wealth Management LLC bought a new position in Lucid Group during the 1st quarter worth approximately $25,000. Grimes & Company Inc. bought a new position in Lucid Group during the 1st quarter worth approximately $27,000. Integrity Alliance LLC. acquired a new stake in shares of Lucid Group during the 1st quarter worth approximately $27,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after purchasing an additional 6,295 shares in the last quarter. 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.