Lucid Group (NASDAQ:LCID) Stock Price Up 10.4% - What's Next?

Key Points

• Lucid shares climbed 10.4% to $3.29 in Friday mid-day trading, although trading volume was 26% below average.
• Analyst sentiment remains cautious: the consensus rating is “Reduce,” based on one Buy, nine Holds, and three Sells, with an average price target of $8.67. Morgan Stanley cut its target to $3 and rated the stock Underweight.
• In its latest reported quarter, Lucid’s revenue rose 56.2% year over year to $405.35 million, topping estimates, but its loss per share of $2.78 was wider than expected.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 10.4% during mid-day trading on Friday. The company traded as high as $3.29 and last traded at $3.29. Approximately 9,776,697 shares were traded during trading, a decline of 26% from the average session volume of 13,231,820 shares. The stock had previously closed at $2.98.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LCID. Cantor Fitzgerald reiterated a "neutral" rating on shares of Lucid Group in a research note on Monday, October 12th. UBS Group reissued a "hold" rating on shares of Lucid Group in a research note on Tuesday, October 6th. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a report on Monday, September 21st. Morgan Stanley decreased their price target on shares of Lucid Group from $5.00 to $3.00 and set an "underweight" rating for the company in a research note on Thursday, October 15th. Finally, Citigroup reduced their target price on Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Lucid Group presently has an average rating of "Reduce" and a consensus price target of $8.67.

Lucid Group Trading Up 10.4%

The firm's 50-day moving average is $3.89 and its 200-day moving average is $6.76. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -0.24 and a beta of 0.80.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $381.59 million. During the same quarter in the previous year, the company posted ($0.24) EPS. The business's quarterly revenue was up 56.2% on a year-over-year basis. Analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its holdings in Lucid Group by 6.8% during the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company's stock worth $378,000 after purchasing an additional 2,520 shares during the last quarter. EverSource Wealth Advisors LLC grew 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 worth $28,000 after purchasing an additional 2,740 shares in the last quarter. Allworth Financial LP increased its stake 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 buying an additional 2,864 shares during the last quarter. IFP Advisors Inc increased its stake 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 buying an additional 3,497 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Lucid Group by 25.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company's stock valued at $213,000 after buying an additional 4,485 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Company Profile

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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