Lucid Group (NASDAQ:LCID) Shares Up 2% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) shot up 2% during mid-day trading on Friday . The company traded as high as $2.84 and last traded at $2.78. 20,444,931 shares were traded during mid-day trading, a decline of 74% from the average session volume of 79,811,070 shares. The stock had previously closed at $2.72.

Analysts Set New Price Targets

A number of research firms recently issued reports on LCID. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Royal Bank of Canada decreased their target price on shares of 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 reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.04.

View Our Latest Stock Report on LCID

Lucid Group Trading Up 0.6 %

The stock’s fifty day moving average price is $2.74 and its 200 day moving average price is $3.03. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market cap of $8.24 billion, a PE ratio of -2.04 and a beta of 0.94.

Lucid Group (NASDAQ:LCIDGet Free Report) last issued 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). 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 during the quarter, compared to analysts’ expectations of $199.50 million. During the same quarter in the prior year, the business posted ($0.28) EPS. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Charles Schwab Investment Management Inc. boosted its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the third quarter worth approximately $3,209,000. Van ECK Associates Corp raised its position in Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after acquiring an additional 633,410 shares during the period. State of New Jersey Common Pension Fund D raised 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 worth $3,019,000 after acquiring an additional 533,973 shares during the period. Finally, Lecap Asset Management Ltd. bought a new position in Lucid Group in the fourth quarter worth approximately $861,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

(Get Free Report)

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.

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