Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares rose 3.5% during trading on Wednesday . The company traded as high as $4.82 and last traded at $4.71. 9,184,062 shares were traded during trading, a decline of 33% from the average session volume of 13,774,765 shares. The stock had previously closed at $4.55.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on LCID shares. Evercore set a $6.00 price objective on shares of Lucid Group in a research report on Monday, May 11th. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Finally, Robert W. Baird set a $6.00 price objective on Lucid Group in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $9.22.
Get Our Latest Stock Analysis on Lucid Group
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last announced 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). The firm had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. As a group, sell-side analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.
Institutional Trading of Lucid Group
Several large investors have recently added to or reduced their stakes in LCID. EverSource Wealth Advisors LLC increased its stake in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares during the last quarter. Brown Advisory Inc. raised 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 valued at $33,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Lucid Group in the 2nd quarter valued at $41,000. Nykredit A S acquired a new stake in shares of Lucid Group in the 2nd quarter valued at $47,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in Lucid Group in the second quarter worth $59,000. 75.17% of the stock is owned by institutional investors.
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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