Lucid Group (NASDAQ:LCID) Stock Price Up 2.6% After Analyst Upgrade

Lucid Group, Inc. (NASDAQ:LCID) rose 2.6% during trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $5.95 and last traded at $5.92. Approximately 8,462,630 shares were traded during trading, a decline of 39% from the average daily volume of 13,812,900 shares. The stock had previously closed at $5.77.

Several other equities analysts also recently issued reports on the stock. Royal Bank Of Canada reissued a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Evercore set a $6.00 target price on shares of Lucid Group in a research note on Monday, May 11th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. TD Cowen reduced their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Finally, Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average target price of $9.22.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its position in 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 purchasing an additional 9,578 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after buying an additional 19,294 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after buying an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after buying an additional 11,252 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Trading Down 2.1%

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -0.40 and a beta of 0.83. The business has a fifty day moving average price of $6.27 and a 200 day moving average price of $7.57.

Lucid Group (NASDAQ:LCID) last issued 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). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same quarter in the previous year, the business posted ($0.24) EPS. Lucid Group’s revenue was up 56.2% compared to the same quarter last year. As a group, equities analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

About Lucid Group

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.