Lucid Group (NASDAQ:LCID) Trading Up 6.4% - Here's Why

Key Points

• Shares jumped 6.4% on Monday to about $10.40 on lower-than-average volume, giving Lucid a market cap near $3.4 billion.
• Analysts are mixed but pessimistic overall: the consensus rating is "Reduce" with an average price target of $12.50 (1 Buy, 5 Hold, 3 Sell) and several firms trimming targets recently.
• Lucid’s latest quarter showed a missed EPS of ($3.08) vs. ($2.49) expected while revenue beat at $522.7M (up 122.9% YoY); the company remains unprofitable with high leverage (debt/equity 3.0) and weak liquidity.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 6.4% during trading on Monday . The company traded as high as $10.49 and last traded at $10.40. 7,243,605 shares were traded during trading, a decline of 5% from the average session volume of 7,598,954 shares. The stock had previously closed at $9.77.

Analysts Set New Price Targets

LCID has been the subject of several recent research reports. Bank of America assumed coverage on Lucid Group in a research report on Wednesday, March 4th. They issued an "underperform" rating and a $10.00 price target for the company. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a report on Tuesday, January 6th. Stifel Nicolaus lowered their price objective 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. Royal Bank Of Canada reissued a "sector perform" rating and issued a $10.00 target price on shares of Lucid Group in a report on Wednesday, February 25th. Finally, Cantor Fitzgerald dropped their price target on shares of Lucid Group from $21.00 to $14.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $12.50.

Lucid Group Trading Up 6.4%

The stock has a 50-day moving average price of $10.53 and a two-hundred day moving average price of $15.14. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The stock has a market capitalization of $3.41 billion, a PE ratio of -0.86 and a beta of 1.12.

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

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group during the 3rd quarter worth approximately $1,361,978,000. Uber Technologies Inc acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP grew its position in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock valued at $26,697,000 after acquiring an additional 12,146,136 shares during the period. Norges Bank purchased a new position in shares of Lucid Group during the 2nd quarter valued at approximately $16,469,000. Finally, Linden Advisors LP purchased a new stake in shares of Lucid Group during the second quarter worth about $9,885,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

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.