Lucid Group (NASDAQ:LCID) Trading 3.4% Higher - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 3.4% during mid-day trading on Monday . The company traded as high as $2.97 and last traded at $2.89. Approximately 36,660,008 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 82,442,555 shares. The stock had previously closed at $2.79.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research report on Monday, November 11th. Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. 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, October 7th. Finally, Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $3.04.

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Lucid Group Stock Performance

The firm has a fifty day moving average of $2.75 and a 200 day moving average of $3.01. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of -2.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company had revenue of $200.04 million for the quarter, compared to analysts' expectations of $199.50 million. During the same quarter in the prior year, the firm earned ($0.28) EPS. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in Lucid Group by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 257,027 shares of the company's stock valued at $671,000 after acquiring an additional 7,536 shares during the last quarter. Algert Global LLC acquired a new position in shares of Lucid Group in the 2nd quarter valued at $243,000. EP Wealth Advisors LLC lifted its stake in shares of Lucid Group by 17.4% in the 2nd quarter. EP Wealth Advisors LLC now owns 38,431 shares of the company's stock valued at $100,000 after purchasing an additional 5,702 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Lucid Group by 40.2% during the 2nd quarter. Truist Financial Corp now owns 37,760 shares of the company's stock worth $99,000 after purchasing an additional 10,828 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group during the 2nd quarter worth about $26,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

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.