Lucid Group (NASDAQ:LCID) Shares Up 4.1% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 4.1% during mid-day trading on Tuesday . The stock traded as high as $2.94 and last traded at $2.92. 25,292,577 shares changed hands during trading, a decline of 68% from the average session volume of 80,167,672 shares. The stock had previously closed at $2.80.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LCID. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a report on Monday, November 11th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $3.04.

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Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50 day moving average of $2.82 and a 200-day moving average of $2.99.

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

Institutional Investors Weigh In On Lucid Group

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock worth $19,919,000 after acquiring an additional 1,499,034 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Lucid Group by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company's stock worth $8,935,000 after buying an additional 85,370 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Lucid Group by 103.3% during the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock worth $3,764,000 after buying an additional 633,410 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in Lucid Group by 114.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company's stock valued at $3,019,000 after acquiring an additional 533,973 shares during the last quarter. Finally, Point72 Italy S.r.l. bought a new position in Lucid Group in the third quarter valued at about $3,209,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.