Lucid Group (NASDAQ:LCID) Shares Gap Up to $2.81

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.81, but opened at $3.01. Lucid Group shares last traded at $3.23, with a volume of 19,994,403 shares traded.

Analyst Upgrades and Downgrades

LCID has been the topic of several analyst reports. Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a "neutral" rating on the stock in a research note on Thursday, February 22nd. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Tuesday, May 7th. Stifel Nicolaus dropped their price target on shares of Lucid Group from $4.00 to $3.00 and set a "hold" rating on the stock in a research note on Wednesday, May 8th. Citigroup restated a "neutral" rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Bank of America dropped their price target on shares of Lucid Group from $7.00 to $4.50 and set a "neutral" rating on the stock in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to data from MarketBeat.com, Lucid Group has a consensus rating of "Hold" and an average price target of $4.24.

Lucid Group Stock Up 11.0 %

The stock has a market capitalization of $7.20 billion, a P/E ratio of -2.53 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The stock's fifty day moving average is $2.71 and its two-hundred day moving average is $3.43.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company's quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.43) earnings per share. As a group, research analysts predict that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. GAMMA Investing LLC acquired a new position in Lucid Group in the 4th quarter worth approximately $28,000. Meeder Advisory Services Inc. acquired a new position in Lucid Group in the 1st quarter worth approximately $29,000. Norden Group LLC acquired a new position in Lucid Group in the 1st quarter worth approximately $32,000. Heritage Wealth Advisors boosted its stake in Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company's stock worth $33,000 after purchasing an additional 4,000 shares during the period. Finally, Summit Trail Advisors LLC acquired a new position in Lucid Group in the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 75.17% of the company's stock.

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.