Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shot up 11.6% during mid-day trading on Wednesday. The stock traded as high as $3.52 and last traded at $3.37. Approximately 17,970,739 shares changed hands during trading, an increase of 36% from the average session volume of 13,216,172 shares. The stock had previously closed at $3.02.
Analyst Upgrades and Downgrades
LCID has been the topic of a number of research analyst reports. UBS Group reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. Royal Bank Of Canada lowered their price target on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday, October 12th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Morgan Stanley reduced their price objective on Lucid Group from $5.00 to $3.00 and set an “underweight” rating on the stock in a research note on Thursday, October 15th. Finally, William Blair cut Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $8.67.
Read Our Latest Stock Analysis on LCID
Lucid Group Stock Performance
The firm has a market cap of $1.26 billion, a P/E ratio of -0.23 and a beta of 0.80. The firm has a fifty day moving average of $3.89 and a 200-day moving average of $6.76.
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. Lucid Group’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.24) earnings per share. Equities research analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.
Hedge Funds Weigh In On Lucid Group
Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in Lucid Group during the 2nd quarter worth $3,125,000. Headlands Technologies LLC acquired a new position in shares of Lucid Group during the second quarter valued at $1,368,000. Lazard Asset Management LLC increased its holdings in shares of Lucid Group by 192.6% during the first 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 America Corp DE increased its holdings in shares of Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares during the period. Finally, Calamos Advisors LLC raised its stake in shares of Lucid Group by 40.0% during the third quarter. Calamos Advisors LLC now owns 525,000 shares of the company’s stock valued at $2,137,000 after purchasing an additional 150,000 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.
About Lucid Group
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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