Lucid Group (NASDAQ:LCID) Shares Up 1.3%

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 1.3% on Wednesday . The stock traded as high as $2.45 and last traded at $2.43. 2,588,144 shares were traded during mid-day trading, a decline of 93% from the average session volume of 35,035,063 shares. The stock had previously closed at $2.40.

Analyst Ratings Changes

Several research firms have recently weighed in on LCID. Morgan Stanley reissued an "underweight" rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird reduced their price objective on Lucid Group from $6.00 to $4.00 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Cantor Fitzgerald cut Lucid Group from a "neutral" rating to an "underweight" rating and reduced their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Stifel Nicolaus reduced their price objective on Lucid Group from $5.00 to $4.00 and set a "hold" rating for the company in a research report on Monday, February 26th. Finally, Bank of America reduced their target price on Lucid Group from $7.00 to $4.50 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $4.80.

Lucid Group Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The firm has a 50 day simple moving average of $3.00 and a 200-day simple moving average of $3.73. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of -1.73 and a beta of 1.01.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. The business's revenue was down 39.0% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LCID. US Bancorp DE raised its stake in Lucid Group by 67.6% during the first quarter. US Bancorp DE now owns 14,017 shares of the company's stock worth $356,000 after acquiring an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Lucid Group by 16.3% in the first quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company's stock valued at $482,000 after buying an additional 2,661 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Lucid Group in the first quarter valued at $383,000. BlackRock Inc. increased its stake in shares of Lucid Group by 23.7% in the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company's stock valued at $396,842,000 after buying an additional 2,990,659 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Lucid Group in the first quarter valued at $400,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.