Lucid Group (NASDAQ:LCID) Stock Price Up 3.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares rose 3.2% during trading on Thursday . The company traded as high as $6.62 and last traded at $6.46. Approximately 15,761,142 shares traded hands during trading, an increase of 36% from the average daily volume of 11,595,088 shares. The stock had previously closed at $6.26.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of analyst reports. Citigroup reaffirmed a “buy” rating and set a $14.00 target price (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. TD Cowen cut their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Finally, Bank of America initiated coverage on Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price on the stock. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Performance

The company has a market cap of $2.56 billion, a P/E ratio of -0.50 and a beta of 0.88. The firm has a 50 day moving average of $7.55 and a 200-day moving average of $10.07. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.53) by ($0.93). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The firm had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same period last year, the company earned ($0.20) EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Royal Bank of Canada grew its stake in Lucid Group by 9.5% in the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after purchasing an additional 9,578 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after buying an additional 254,551 shares during the period. NewEdge Advisors LLC lifted its holdings in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after buying an additional 19,294 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC lifted its holdings in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after buying an additional 11,252 shares during the period. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.