Lucid Group (NASDAQ:LCID) Shares Up 1.7% - Here's Why

Key Points

• Lucid shares rose 1.7% to $4.68 in Friday trading, although volume was 26% below the average session level.
• Analyst sentiment remains negative, with a consensus “Reduce” rating, 12 total ratings split among one Buy, eight Holds and three Sells, and an average price target of $9.22.
• Lucid’s latest quarter showed revenue of $405.35 million, above expectations, but an adjusted loss of $2.78 per share missed estimates; the company posted a 249.21% negative net margin and analysts expect a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 1.7% on Friday . The stock traded as high as $4.68 and last traded at $4.68. 10,191,399 shares were traded during mid-day trading, a decline of 26% from the average session volume of 13,739,159 shares. The stock had previously closed at $4.60.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LCID shares. William Blair lowered Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a research note on Wednesday, June 24th. Citigroup lowered their price target on Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, August 19th. Royal Bank Of Canada reissued a "sector perform" rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of "Reduce" and an average price target of $9.22.

Lucid Group Stock Performance

The firm's 50 day moving average is $6.23 and its two-hundred day moving average is $7.19. The stock has a market capitalization of $1.84 billion, a PE ratio of -0.34 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to analysts' expectations of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business's quarterly revenue was up 56.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.24) EPS. As a group, research analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Corient Private Wealth LP acquired a new position in Lucid Group during the 2nd quarter worth $121,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Lucid Group in the 2nd quarter valued at about $167,000. California State Teachers Retirement System raised its position in Lucid Group by 687.8% in the 2nd quarter. California State Teachers Retirement System now owns 1,443,448 shares of the company's stock valued at $9,657,000 after purchasing an additional 1,260,224 shares in the last quarter. Wedmont Private Capital purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $492,000. Finally, Nykredit A S purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $47,000. 75.17% of the stock is currently owned by hedge funds and other 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.

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