Lucid Group (NASDAQ:LCID) Stock Jumps 4.4% - Here's Why

Key Points

• Lucid shares rose 4.4% to about $4.07 during Tuesday’s trading, although volume was 27% below the average session level.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” and an average price target of $9.22, with ratings including one Buy, eight Holds, and three Sells.
• Lucid’s latest quarterly results showed a $2.78 loss per share, missing estimates, despite revenue of $405.35 million that grew 56.2% year over year; institutional investors own 75.17% of the stock.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded up 4.4% during mid-day trading on Tuesday. The company traded as high as $4.08 and last traded at $4.07. Approximately 9,951,904 shares traded hands during trading, a decline of 27% from the average session volume of 13,543,011 shares. The stock had previously closed at $3.90.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research reports. Citigroup decreased their price objective 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 restated a "sector perform" rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a research note on Monday, September 21st. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, William Blair lowered Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $9.22.

Lucid Group Price Performance

The company has a market capitalization of $1.60 billion, a P/E ratio of -0.30 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The firm's 50-day moving average is $5.58 and its 200-day moving average is $6.50.

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

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock valued at $18,289,000 after purchasing an additional 189,134 shares during the period. Bank of New York Mellon Corp grew its position in shares of Lucid Group by 11.8% during the first quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company's stock worth $4,281,000 after purchasing an additional 47,427 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock valued at $2,904,000 after buying an additional 200,604 shares in the last quarter. Calamos Advisors LLC grew its holdings in Lucid Group by 50.0% during the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock valued at $2,144,000 after buying an additional 75,000 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Lucid Group by 246.0% during the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company's stock valued at $1,931,000 after buying an additional 144,089 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 (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company's operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid's primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.

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