Lucid Group (NASDAQ:LCID) Trading Up 4.3% - Here's What Happened

Key Points

• Lucid Group's shares rose 4.3% intraday to about $10.68 (high $10.70) on Wednesday, with 5.81 million shares traded—about 23% below the average session volume.
• Analyst coverage is mixed but cautious: the consensus rating is "Reduce" with an average price target of $12.50 (1 Buy, 5 Hold, 3 Sell).
• Lucid reported an EPS miss of ($3.08) vs. ($2.49) expected while revenue of $522.7M beat estimates and rose ~123% year-over-year, but the company still has negative margins, high leverage (debt/equity ~3.0), and a market cap near $3.5B.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 4.3% during mid-day trading on Wednesday . The stock traded as high as $10.70 and last traded at $10.68. 5,812,539 shares were traded during mid-day trading, a decline of 23% from the average session volume of 7,547,934 shares. The stock had previously closed at $10.24.

Analysts Set New Price Targets

A number of brokerages recently commented on LCID. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 5th. Bank of America started coverage on shares of Lucid Group in a report on Wednesday, March 4th. They issued an "underperform" rating and a $10.00 price objective on the stock. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Stifel Nicolaus reduced their target price on shares of Lucid Group from $21.00 to $17.00 and set a "hold" rating for the company in a report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $12.50.

Lucid Group Trading Up 4.3%

The firm has a market cap of $3.50 billion, a PE ratio of -0.88 and a beta of 1.12. The company has a 50-day simple moving average of $10.50 and a 200 day simple moving average of $14.98. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing the consensus estimate of ($2.49) by ($0.59). Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The firm had revenue of $522.73 million for the quarter, compared to analysts' expectations of $473.08 million. During the same period last year, the firm earned ($0.22) earnings per share. Lucid Group's revenue for the quarter was up 122.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LCID. Rockefeller Capital Management L.P. increased its stake in shares of Lucid Group by 11.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company's stock valued at $719,000 after purchasing an additional 34,116 shares in the last quarter. HBK Investments L P purchased a new position in Lucid Group during the second quarter worth approximately $2,658,000. Highbridge Capital Management LLC acquired a new stake in Lucid Group in the second quarter valued at approximately $3,245,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Lucid Group in the third quarter valued at approximately $2,248,000. Finally, Marex Group plc purchased a new stake in shares of Lucid Group in the second quarter valued at approximately $7,613,000. Institutional investors and hedge funds own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.