Shares of Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) traded down 4.5% during trading on Tuesday . The company traded as low as $1.98 and last traded at $2.02. 89,442,845 shares were traded during mid-day trading, an increase of 9% from the average session volume of 82,262,774 shares. The stock had previously closed at $2.11.
Analyst Upgrades and Downgrades
LCID has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a report on Tuesday, March 18th. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Robert W. Baird upped their target price on Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a report on Monday, April 21st. Finally, Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average target price of $2.68.
Get Our Latest Analysis on LCID
Lucid Group Stock Down 2.6%
Lucid Group (NASDAQ:LCID – Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to analysts’ expectations of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. Lucid Group’s revenue was up 36.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.27) earnings per share. On average, research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.
Hedge Funds Weigh In On Lucid Group
Hedge funds have recently modified their holdings of the company. Accredited Investors Inc. purchased a new stake in shares of Lucid Group during the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group during the fourth quarter valued at about $31,000. DRW Securities LLC bought a new stake in Lucid Group in the fourth quarter worth about $31,000. HB Wealth Management LLC purchased a new position in Lucid Group in the first quarter valued at about $25,000. Finally, Sterling Investment Counsel LLC bought a new position in shares of Lucid Group during the 1st quarter valued at approximately $25,000. Institutional investors 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.
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