Lucid Group (NASDAQ:LCID) Stock Price Up 0.8%

Lucid Group, Inc. (NASDAQ:LCID) shot up 0.8% on Thursday . The company traded as high as $2.63 and last traded at $2.62. 3,814,542 shares changed hands during trading, a decline of 87% from the average session volume of 29,958,705 shares. The stock had previously closed at $2.60.

Analyst Ratings Changes

LCID has been the subject of several research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Morgan Stanley reissued an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Citigroup reaffirmed a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Finally, Stifel Nicolaus reduced their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $4.24.

Lucid Group Trading Up 2.7 %

The business’s 50 day simple moving average is $2.69 and its 200 day simple moving average is $3.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The stock has a market cap of $6.16 billion, a P/E ratio of -2.11 and a beta of 1.06.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. During the same quarter in the previous year, the firm earned ($0.43) EPS. The company’s revenue was up 15.6% compared to the same quarter last year. On average, analysts expect that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC bought a new stake in Lucid Group during the 4th quarter worth approximately $28,000. Capital Performance Advisors LLP bought a new stake in Lucid Group in the 4th quarter valued at $43,000. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Lucid Group in the 3rd quarter worth $57,000. Tyche Wealth Partners LLC bought a new position in Lucid Group during the 4th quarter worth about $43,000. Finally, MGO Private Wealth LLC acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $43,000. 75.17% of the stock is owned by institutional investors.

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.