Lucid Group (NASDAQ:LCID) Trading Up 2.5% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 2.5% during trading on Friday . The stock traded as high as $13.73 and last traded at $13.7150. Approximately 3,214,579 shares traded hands during trading, a decline of 71% from the average daily volume of 11,220,027 shares. The stock had previously closed at $13.38.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Stifel Nicolaus dropped their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Morgan Stanley lifted their price target on Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Tuesday. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Price Performance

The firm has a market cap of $4.45 billion, a PE ratio of -1.28 and a beta of 0.80. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The stock has a 50 day moving average price of $18.77 and a two-hundred day moving average price of $21.53.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The firm’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.76) EPS. As a group, equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HB Wealth Management LLC acquired a new stake in shares of Lucid Group during the first quarter worth about $25,000. Cigna Investments Inc. New purchased a new position in Lucid Group during the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC lifted its stake in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares during the period. Tyche Wealth Partners LLC acquired a new stake in shares of Lucid Group in the second quarter worth $26,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Lucid Group during the first quarter worth $27,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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.