Lucid Group (NASDAQ:LCID) Stock Price Up 1.7% - What's Next?

Key Points

• Lucid shares rose 1.7% to $3.52 in Friday trading, though volume was 42% below the average. The stock remains below its 50-day and 200-day moving averages of $4.35 and $5.70, respectively.
• Analyst sentiment is largely negative, with a consensus rating of “Reduce” from one Buy, nine Hold, and three Sell ratings. The average price target is $8.67, although several firms recently lowered their targets, including Morgan Stanley to $3.00.
• Lucid reported a quarterly loss of $2.78 per share, missing estimates, despite revenue of $405.35 million exceeding expectations and rising 56.2% year over year. Institutional investors and hedge funds own approximately 75.17% of the company.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price shot up 1.7% during trading on Friday. The company traded as high as $3.61 and last traded at $3.52. 7,740,154 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 13,306,154 shares. The stock had previously closed at $3.46.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on LCID shares. Morgan Stanley decreased their target price on Lucid Group from $5.00 to $3.00 and set an "underweight" rating for the company in a report on Thursday, October 15th. Citigroup cut their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, August 19th. Royal Bank Of Canada reduced their price target on shares of Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a research report on Monday, October 12th. William Blair downgraded shares of Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, September 21st. One 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. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $8.67.

Lucid Group Stock Up 1.7%

The stock has a 50 day simple moving average of $4.35 and a 200 day simple moving average of $5.70. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -0.26 and a beta of 1.00.

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 analysts' consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million during the quarter, compared to analysts' expectations of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The firm's revenue was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.24) EPS. As a group, equities research analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its stake in shares of Lucid Group by 6.8% during the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company's stock valued at $378,000 after acquiring an additional 2,520 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock worth $28,000 after acquiring an additional 2,740 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Lucid Group by 249.9% in the second quarter. Allworth Financial LP now owns 4,010 shares of the company's stock worth $27,000 after acquiring an additional 2,864 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock worth $25,000 after acquiring an additional 3,497 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Lucid Group by 25.1% in the first 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. 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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