Lucid Group (NASDAQ:LCID) Stock Price Up 3.6% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 3.6% during trading on Tuesday . The company traded as high as $13.20 and last traded at $13.13. Approximately 6,813,710 shares were traded during trading, a decline of 40% from the average daily volume of 11,285,577 shares. The stock had previously closed at $12.67.

Analyst Upgrades and Downgrades

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

Lucid Group Trading Up 3.6%

The stock has a market cap of $4.26 billion, a PE ratio of -1.23 and a beta of 0.80. The stock has a 50-day moving average price of $19.18 and a two-hundred day moving average price of $21.73. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

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

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of the business. Valeo Financial Advisors LLC boosted its position in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Lucid Group by 27.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock worth $44,000 after buying an additional 3,882 shares during the last quarter. Amalgamated Bank increased its position in Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after purchasing an additional 4,720 shares in the last quarter. Heritage Wealth Advisors lifted its holdings in shares of Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares during the period. Finally, Brown Advisory Inc. grew its holdings in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds 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.