Lucid Group (NASDAQ:LCID) Trading Up 5.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 5.1% during mid-day trading on Monday . The company traded as high as $4.33 and last traded at $4.30. Approximately 11,022,178 shares changed hands during trading, a decline of 19% from the average session volume of 13,674,580 shares. The stock had previously closed at $4.09.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research report on Monday. William Blair lowered shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Citigroup decreased their price objective on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of “Reduce” and an average price target of $9.22.

Lucid Group Trading Up 5.1%

The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The stock has a market capitalization of $1.69 billion, a P/E ratio of -0.31 and a beta of 0.81. The firm’s 50-day simple moving average is $5.82 and its 200 day simple moving average is $6.75.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share 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 the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.24) EPS. Equities research analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. HBK Investments L P increased its holdings in shares of Lucid Group by 217.9% in the second quarter. HBK Investments L P now owns 33,070 shares of the company’s stock valued at $221,000 after buying an additional 22,667 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock valued at $217,000 after acquiring an additional 8,347 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Lucid Group during the 2nd quarter worth $694,000. Integrated Wealth Concepts LLC acquired a new position in shares of Lucid Group in the 2nd quarter worth $129,000. Finally, IFP Advisors Inc grew its holdings in shares of Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after acquiring an additional 3,497 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.