Lucid Group (NASDAQ:LCID) Trading 6.3% Higher – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 6.3% on Wednesday . The stock traded as high as $6.72 and last traded at $6.39. 27,300,492 shares were traded during trading, an increase of 141% from the average session volume of 11,319,187 shares. The stock had previously closed at $6.01.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. TD Cowen dropped their price objective on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Bank of America started coverage on Lucid Group in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 target price for the company. Royal Bank Of Canada dropped their target price on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research report on Monday, April 13th. Robert W. Baird set a $6.00 target price on Lucid Group in a research report on Wednesday, May 6th. Finally, Evercore set a $6.00 target price on Lucid Group in a research report on Monday. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and an average price target of $9.67.

Lucid Group Stock Down 3.7%

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The stock has a market capitalization of $2.36 billion, a P/E ratio of -0.46 and a beta of 0.88. The firm has a 50-day simple moving average of $8.45 and a 200 day simple moving average of $10.91.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, May 5th. The company reported ($3.46) EPS for the quarter, missing the consensus estimate of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The firm had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. Lucid Group’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts forecast that Lucid Group, Inc. will post -10.75 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Royal Bank of Canada raised its position in shares of Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after acquiring an additional 254,551 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC raised its position in shares of Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after acquiring an additional 11,252 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

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.