Lucid Group (NASDAQ:LCID) Trading Up 3.3% - What's Next?

Key Points

• Lucid shares rose 3.3% to $5.26, though trading volume was 34% below the average session level.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with eight Holds and three Sells, and an average price target of $9.22.
• Lucid reported quarterly revenue of $405.35 million, up 56.2% year over year and above estimates, but its $2.78 loss per share missed expectations of a $2.36 loss.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 3.3% during trading on Tuesday . The stock traded as high as $5.40 and last traded at $5.26. 9,050,127 shares changed hands during trading, a decline of 34% from the average session volume of 13,746,278 shares. The stock had previously closed at $5.09.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. TD Cowen decreased their target price on Lucid Group from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Wednesday, May 6th. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research note on Wednesday, May 6th. William Blair cut shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a research note on Monday, August 3rd. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $9.22.

Lucid Group Trading Up 3.3%

The business has a 50 day simple moving average of $6.28 and a 200-day simple moving average of $7.50. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -0.38 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts' consensus estimates 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 period in the prior year, the business earned ($0.24) EPS. The company's revenue for the quarter was up 56.2% compared to the same quarter last year. As a group, equities analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LCID. EverSource Wealth Advisors LLC increased its position in shares of Lucid Group by 1,574.7% during 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. Leonteq Securities AG acquired a new position in Lucid Group in the 4th quarter worth $67,000. Nykredit A S acquired a new position in Lucid Group in the 2nd quarter worth $47,000. Caitong International Asset Management Co. Ltd bought a new position in Lucid Group during the 4th quarter worth about $77,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Lucid Group during the 4th quarter worth about $86,000. Institutional investors own 75.17% of the company's stock.

About Lucid Group

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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