Lucid Group (NASDAQ:LCID) Shares Up 7.8% - Here's Why

Key Points

• Lucid shares jumped 7.8% to $3.46 in Thursday trading, with volume slightly above the average session level.
• Analysts remain cautious: the consensus rating is “Reduce”, with 9 Holds, 3 Sells and 1 Buy, while several firms recently lowered their price targets. The consensus target is $8.67.
• Lucid reported a quarterly EPS loss of $2.78, worse than the expected $2.36 loss, despite revenue of $405.35 million exceeding estimates and rising 56.2% year over year; analysts expect a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 7.8% on Thursday. The company traded as high as $3.56 and last traded at $3.46. Approximately 13,566,482 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 13,335,139 shares. The stock had previously closed at $3.21.

Analysts Set New Price Targets

A number of brokerages have weighed in on LCID. Citigroup decreased their target price on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, August 19th. William Blair cut Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, September 21st. Royal Bank Of Canada cut their price target on Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a research note on Monday, October 12th. Finally, Morgan Stanley reduced their price objective on Lucid Group from $5.00 to $3.00 and set an "underweight" rating for the company in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of "Reduce" and a consensus price target of $8.67.

Lucid Group Stock Performance

The stock has a market cap of $1.36 billion, a PE ratio of -0.25 and a beta of 1.00. The firm has a 50-day moving average price of $4.41 and a 200-day moving average price of $5.74.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The firm had revenue of $405.35 million for 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 revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period last year, the company posted ($0.24) earnings per share. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its holdings in Lucid Group by 6.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company's stock worth $378,000 after acquiring an additional 2,520 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock valued at $28,000 after acquiring an additional 2,740 shares in the last quarter. Allworth Financial LP lifted its position in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company's stock valued at $27,000 after acquiring an additional 2,864 shares in the last quarter. IFP Advisors Inc lifted its position in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock valued at $25,000 after acquiring an additional 3,497 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in Lucid Group by 25.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company's stock valued at $213,000 after purchasing an additional 4,485 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid's vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.

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