Lucid Group (NASDAQ:LCID) Shares Up 14.2%

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 14.2% on Tuesday . The company traded as high as $3.35 and last traded at $3.21. Approximately 41,568,028 shares were traded during trading, an increase of 26% from the average daily volume of 32,902,527 shares. The stock had previously closed at $2.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LCID shares. Robert W. Baird dropped their price objective on shares of Lucid Group from $6.00 to $4.00 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Bank of America cut their price objective on Lucid Group from $7.00 to $4.50 and set a "neutral" rating on the stock in a research report on Thursday, February 22nd. Stifel Nicolaus decreased their target price on Lucid Group from $4.00 to $3.00 and set a "hold" rating for the company in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Tuesday, May 7th. Finally, Cantor Fitzgerald cut Lucid Group from a "neutral" rating to an "underweight" rating and decreased their price target for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $4.24.

Lucid Group Trading Up 11.0 %

The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The firm has a market cap of $7.20 billion, a P/E ratio of -2.46 and a beta of 1.04. The business's 50 day moving average is $2.71 and its 200-day moving average is $3.43.

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

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its position in shares of Lucid Group by 1.0% in the 3rd quarter. Arizona State Retirement System now owns 248,101 shares of the company's stock worth $1,387,000 after buying an additional 2,449 shares during the last quarter. M&T Bank Corp boosted its stake in Lucid Group by 12.8% in the third quarter. M&T Bank Corp now owns 26,770 shares of the company's stock valued at $150,000 after acquiring an additional 3,046 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Lucid Group by 5.5% during the third quarter. Principal Financial Group Inc. now owns 58,547 shares of the company's stock valued at $327,000 after purchasing an additional 3,055 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Lucid Group by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company's stock valued at $1,391,000 after purchasing an additional 3,230 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its holdings in shares of Lucid Group by 127.6% in the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company's stock worth $37,000 after purchasing an additional 3,700 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

About Lucid Group

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.