Lucid Group (NASDAQ:LCID) Trading 1.9% Higher

Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) traded up 1.9% on Monday . The stock traded as high as $2.78 and last traded at $2.75. 9,461,067 shares traded hands during trading, a decline of 76% from the average session volume of 38,667,754 shares. The stock had previously closed at $2.70.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Stifel Nicolaus lowered their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Bank of America decreased their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Needham & Company LLC cut Lucid Group from a “buy” rating to a “hold” rating in a research report on Monday, November 27th. Robert W. Baird decreased their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.90.

Check Out Our Latest Stock Analysis on Lucid Group

Lucid Group Stock Up 3.3 %

The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The firm has a 50-day simple moving average of $3.16 and a two-hundred day simple moving average of $4.16. The company has a market cap of $6.42 billion, a PE ratio of -1.99 and a beta of 1.04.

Lucid Group (NASDAQ:LCIDGet Free Report) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business’s quarterly revenue was down 39.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.40) EPS. Research analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Alps Advisors Inc. boosted its holdings in Lucid Group by 19.8% in the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after acquiring an additional 546,676 shares during the last quarter. Bank of New York Mellon Corp raised its position in Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after purchasing an additional 410,025 shares during the period. Fulton Bank N.A. raised its position in Lucid Group by 46.5% in the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after purchasing an additional 20,168 shares during the period. Ghisallo Capital Management LLC purchased a new position in Lucid Group in the second quarter valued at about $13,780,000. Finally, Invesco Ltd. raised its position in Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares during the period.

About Lucid Group

(Get Free Report)

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.

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