Lucid Group (NASDAQ:LCID) Shares Up 2%

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 2% during trading on Friday . The company traded as high as $2.53 and last traded at $2.50. 3,668,773 shares were traded during mid-day trading, a decline of 89% from the average session volume of 33,646,020 shares. The stock had previously closed at $2.45.

Wall Street Analyst Weigh In

A number of research firms have commented on LCID. Robert W. Baird decreased their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Citigroup reissued a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a report on Monday. Finally, Bank of America reduced their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.34.

Lucid Group Stock Up 0.4 %

The firm has a market cap of $5.66 billion, a price-to-earnings ratio of -1.79 and a beta of 1.01. 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’s fifty day moving average is $2.88 and its two-hundred day moving average is $3.62.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The business had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s revenue for the quarter was down 39.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.40) EPS. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently made changes to their positions in the company. Lindbrook Capital LLC grew its stake in shares of Lucid Group by 51.3% in the 1st quarter. Lindbrook Capital LLC now owns 28,279 shares of the company’s stock valued at $81,000 after buying an additional 9,591 shares in the last quarter. Simplicity Wealth LLC bought a new stake in shares of Lucid Group in the 1st quarter valued at approximately $42,000. Summit Trail Advisors LLC bought a new stake in shares of Lucid Group in the 1st quarter valued at approximately $35,000. PFG Investments LLC bought a new stake in shares of Lucid Group in the 1st quarter valued at approximately $47,000. Finally, First Trust Direct Indexing L.P. grew its stake in shares of Lucid Group by 5.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after buying an additional 4,350 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.