Lucid Group (NASDAQ:LCID) Trading Up 1.9% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 1.9% on Wednesday . The stock traded as high as $3.02 and last traded at $2.99. Approximately 23,149,063 shares were traded during trading, a decline of 71% from the average daily volume of 79,613,000 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on LCID shares. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Down 2.1 %

The business’s 50-day moving average price is $2.81 and its 200-day moving average price is $3.00. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $8.52 billion, a PE ratio of -2.11 and a beta of 0.93.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $200.04 million during the quarter, compared to analyst estimates of $199.50 million. During the same quarter in the prior year, the company posted ($0.28) EPS. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new position in Lucid Group during the second quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group during the fourth quarter valued at approximately $28,000. Proficio Capital Partners LLC acquired a new position in Lucid Group during the fourth quarter valued at approximately $31,000. First National Corp MA ADV acquired a new position in Lucid Group during the fourth quarter valued at approximately $32,000. Finally, Yousif Capital Management LLC acquired a new position in Lucid Group during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.