Lucid Group (NASDAQ:LCID) Stock Price Up 1.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 1.7% during mid-day trading on Friday. The company traded as high as $3.61 and last traded at $3.52. 7,740,154 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 13,306,154 shares. The stock had previously closed at $3.46.

Analysts Set New Price Targets

LCID has been the subject of several research analyst reports. Citigroup reduced their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. UBS Group reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. Morgan Stanley reduced their price objective on shares of 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 downgraded shares of 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 assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $8.67.

Lucid Group Stock Performance

The business has a fifty day simple moving average of $4.35 and a 200 day simple moving average of $5.70. The company has a market cap of $1.39 billion, a P/E ratio of -0.26 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. 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. Equities research analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. The Manufacturers Life Insurance Company raised its holdings in shares of Lucid Group by 6.8% during the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock worth $378,000 after purchasing an additional 2,520 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after buying an additional 2,740 shares during the period. Allworth Financial LP boosted its holdings in shares of Lucid Group by 249.9% in the 2nd 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 period. IFP Advisors Inc grew its position in shares of Lucid Group by 1,231.3% during the 2nd 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 last quarter. Finally, Pictet Asset Management Holding SA grew its position in shares of Lucid Group by 25.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock valued at $213,000 after buying an additional 4,485 shares during the last quarter. 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.