Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price shot up 2.2% during trading on Monday . The stock traded as high as $2.79 and last traded at $2.78. 23,981,500 shares were traded during mid-day trading, a decline of 26% from the average session volume of 32,549,039 shares. The stock had previously closed at $2.72.
Wall Street Analyst Weigh In
A number of research analysts recently commented on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Bank of America lowered their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Citigroup reissued a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Finally, Stifel Nicolaus cut their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.24.
Lucid Group Price Performance
The firm has a 50 day moving average price of $2.70 and a two-hundred day moving average price of $3.35. The company has a market cap of $6.41 billion, a P/E ratio of -2.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66.
Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. On average, analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.
Institutional Investors Weigh In On Lucid Group
A number of large investors have recently added to or reduced their stakes in LCID. M&T Bank Corp increased its position in shares of Lucid Group by 12.8% in the third quarter. M&T Bank Corp now owns 26,770 shares of the company’s stock valued at $150,000 after acquiring an additional 3,046 shares during the period. Principal Financial Group Inc. raised its position in Lucid Group by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 58,547 shares of the company’s stock valued at $327,000 after purchasing an additional 3,055 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Lucid Group by 10.2% in the 3rd quarter. California Public Employees Retirement System now owns 1,126,364 shares of the company’s stock worth $6,296,000 after buying an additional 103,962 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of Lucid Group by 8.7% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 273,004 shares of the company’s stock worth $1,526,000 after buying an additional 21,923 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Lucid Group by 48.4% during the third quarter. Victory Capital Management Inc. now owns 1,292,058 shares of the company’s stock valued at $7,223,000 after buying an additional 421,281 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.
About Lucid Group
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.