Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price rose 6.3% during mid-day trading on Wednesday . The stock traded as high as $6.72 and last traded at $6.39. Approximately 27,300,492 shares were traded during trading, an increase of 141% from the average daily volume of 11,319,187 shares. The stock had previously closed at $6.01.
Analysts Set New Price Targets
Several analysts recently issued reports on the company. Bank of America started coverage on Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price on the stock. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. TD Cowen reduced their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. Finally, Citigroup started coverage on shares of Lucid Group in a research report on Wednesday, March 18th. They set a “buy” rating and a $17.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $10.00.
View Our Latest Stock Analysis on LCID
Lucid Group Stock Up 6.3%
Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The firm had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. During the same quarter in the prior year, the business earned ($0.20) EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts predict that Lucid Group, Inc. will post -10.75 earnings per share for the current year.
Institutional Investors Weigh In On Lucid Group
Several large investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL purchased a new stake in Lucid Group during the third quarter valued at $1,361,978,000. Uber Technologies Inc purchased a new position in shares of Lucid Group in the 3rd quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Lucid Group by 93.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after buying an additional 2,167,882 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.
About Lucid Group
Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.
The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.
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