Lucid Group (NASDAQ:LCID) Stock Price Up 4.8%

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 4.8% on Thursday . The stock traded as high as $3.10 and last traded at $3.05. 7,310,335 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 32,130,814 shares. The stock had previously closed at $2.91.

Analyst Ratings Changes

Several brokerages have recently weighed in on LCID. Citigroup restated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. Cantor Fitzgerald upgraded shares of Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price objective on the stock in a research note on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday. Finally, Stifel Nicolaus reduced their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.14.

Lucid Group Stock Performance

The stock has a market cap of $7.27 billion, a price-to-earnings ratio of -2.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The company’s 50 day simple moving average is $3.03 and its 200 day simple moving average is $2.96.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the business posted ($0.40) EPS. The firm’s quarterly revenue was up 32.9% on a year-over-year basis. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth approximately $28,000. Capital Performance Advisors LLP bought a new position in Lucid Group during the fourth quarter valued at approximately $43,000. Tyche Wealth Partners LLC bought a new position in Lucid Group during the fourth quarter valued at approximately $43,000. MGO Private Wealth LLC bought a new position in Lucid Group during the fourth quarter valued at approximately $43,000. Finally, Meeder Advisory Services Inc. bought a new position in Lucid Group during the first quarter valued at approximately $29,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

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.