Lucid Group (NASDAQ:LCID) Shares Up 1.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 1.9% during trading on Wednesday . The company traded as high as $3.02 and last traded at $2.99. Approximately 23,149,063 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 79,613,000 shares. The stock had previously closed at $2.93.

Analysts Set New Price Targets

Several research firms 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 price target on the stock in a research report on Monday, November 11th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Finally, Needham & Company LLC reiterated 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 issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Up 0.5 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a 50-day simple moving average of $2.78 and a two-hundred day simple moving average of $3.00. The firm has a market capitalization of $8.87 billion, a P/E ratio of -2.20 and a beta of 0.93.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The business had revenue of $200.04 million for the quarter, compared to analyst estimates 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 period in the prior year, the company earned ($0.28) earnings per share. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several large investors have recently bought and sold shares of LCID. Sanctuary Advisors LLC purchased a new position in Lucid Group during the 2nd quarter worth approximately $26,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the fourth quarter worth $28,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group in the fourth quarter valued at $31,000. First National Corp MA ADV acquired a new stake in Lucid Group during the 4th quarter worth about $32,000. Finally, Yousif Capital Management LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at about $32,000. Hedge funds and other 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.