Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares rose 2.6% during mid-day trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $5.95 and last traded at $5.92. 8,462,630 shares traded hands during trading, a decline of 39% from the average session volume of 13,812,900 shares. The stock had previously closed at $5.77.
LCID has been the subject of several other reports. Morgan Stanley set a $5.00 price target on Lucid Group in a report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. Evercore set a $6.00 price target on shares of Lucid Group in a research note on Monday, May 11th. Finally, Citigroup cut their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday. One equities 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $9.22.
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Lucid Group Stock Performance
The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -0.40 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14. The stock’s 50-day simple moving average is $6.27 and its two-hundred day simple moving average is $7.57.
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same period in the prior year, the business posted ($0.24) earnings per share. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. Analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current year.
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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