Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price rose 4.4% during trading on Tuesday. The company traded as high as $4.08 and last traded at $4.07. Approximately 9,951,904 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 13,543,011 shares. The stock had previously closed at $3.90.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on LCID shares. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday, September 21st. William Blair downgraded Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Citigroup dropped their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has an average rating of “Reduce” and an average target price of $9.22.
Lucid Group Stock Up 2.8%
Lucid Group (NASDAQ:LCID – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The company had revenue of $405.35 million during the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter last year, the company earned ($0.24) earnings per share. The company’s revenue for the quarter was up 56.2% on a year-over-year basis. On average, equities research analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.
Institutional Trading of Lucid Group
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE boosted its position in shares of Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after purchasing an additional 189,134 shares during the period. Lazard Asset Management LLC raised its position in shares of Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after purchasing an additional 200,604 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Lucid Group during the 2nd quarter valued at $3,125,000. Quantinno Capital Management LP lifted its stake in shares of Lucid Group by 246.0% during the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after buying an additional 144,089 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Lucid Group in the 4th quarter worth $1,355,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.
Lucid Group Company Profile
Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.
Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.
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