Lucid Group (NASDAQ:LCID) Trading Up 1.7%

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 1.7% during trading on Thursday . The stock traded as high as $2.48 and last traded at $2.46. Approximately 5,782,416 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 34,779,395 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

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

Lucid Group Price Performance

The company has a market capitalization of $5.61 billion, a PE ratio of -1.74 and a beta of 1.01. 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 stock's 50 day simple moving average is $2.98 and its 200-day simple moving average is $3.72.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share 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 business had revenue of $157.20 million for the quarter, compared to analysts' expectations of $179.88 million. During the same period in the previous year, the company earned ($0.40) earnings per share. Lucid Group's quarterly revenue was down 39.0% on a year-over-year basis. As a group, equities analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds have recently modified their holdings of LCID. Vanguard Group Inc. raised its position in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company's stock valued at $350,486,000 after purchasing an additional 9,175,312 shares in the last quarter. BlackRock Inc. grew its holdings in Lucid Group by 32.0% during the 2nd quarter. BlackRock Inc. now owns 45,330,425 shares of the company's stock worth $312,327,000 after acquiring an additional 10,991,369 shares in the last quarter. State Street Corp increased its position in shares of Lucid Group by 35.1% in the 2nd quarter. State Street Corp now owns 16,047,532 shares of the company's stock valued at $110,567,000 after purchasing an additional 4,171,066 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company's stock valued at $48,109,000 after purchasing an additional 1,060,588 shares in the last quarter. 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.