Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price was up 7.8% during mid-day trading on Thursday. The company traded as high as $3.56 and last traded at $3.46. Approximately 13,566,482 shares traded hands during trading, an increase of 2% from the average daily volume of 13,335,139 shares. The stock had previously closed at $3.21.
Wall Street Analysts Forecast Growth
Several research firms recently commented on LCID. William Blair cut Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Citigroup reduced their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada lowered their target price on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Monday, October 12th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and a consensus target price of $8.67.
Read Our Latest Stock Analysis on Lucid Group
Lucid Group Price Performance
The company has a market cap of $1.36 billion, a PE ratio of -0.25 and a beta of 1.00. The business has a 50-day moving average of $4.41 and a 200 day moving average of $5.74.
Lucid Group (NASDAQ:LCID – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The firm had revenue of $405.35 million during the quarter, compared to the consensus estimate 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 revenue was up 56.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.24) EPS. On average, equities analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
Several institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after buying an additional 2,740 shares during the last quarter. IFP Advisors Inc grew its position in Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after buying an additional 3,497 shares during the period. Allworth Financial LP increased its holdings in Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after buying an additional 2,864 shares during the last quarter. Nykredit A S purchased a new stake in Lucid Group during the second quarter valued at approximately $47,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group during the fourth quarter valued at approximately $77,000. Institutional investors own 75.17% of the company’s stock.
Lucid Group Company Profile
Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.
Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.
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