Lucid Group (NASDAQ:LCID) Stock Jumps 5.5% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares were up 5.5% during mid-day trading on Tuesday. The company traded as high as $3.30 and last traded at $3.27. Approximately 24,260,038 shares changed hands during trading, an increase of 82% from the average daily volume of 13,330,738 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

A number of research analysts recently weighed in on LCID shares. Citigroup dropped their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. William Blair lowered shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research note on Monday, October 12th. Finally, Royal Bank Of Canada reduced their target price on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday, October 12th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $8.67.

Lucid Group Trading Up 5.5%

The firm has a market cap of $1.29 billion, a PE ratio of -0.24 and a beta of 1.00. The stock has a fifty day simple moving average of $4.55 and a two-hundred day simple moving average of $5.84.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The firm’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.24) EPS. As a group, sell-side analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of America Corp DE raised its holdings in shares of Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp raised its position in Lucid Group by 11.8% during the 1st quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock worth $4,281,000 after buying an additional 47,427 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after buying an additional 200,604 shares during the last quarter. Calamos Advisors LLC lifted its stake in shares of Lucid Group by 50.0% in the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock valued at $2,144,000 after purchasing an additional 75,000 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in shares of Lucid Group by 246.0% during the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after acquiring an additional 144,089 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.