Lucid Group (NASDAQ:LCID) Stock Price Up 4.4% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 4.4% during trading on Thursday . The stock traded as high as $14.20 and last traded at $14.15. 7,680,881 shares were traded during trading, a decline of 31% from the average session volume of 11,166,398 shares. The stock had previously closed at $13.56.

Analysts Set New Price Targets

A number of brokerages recently commented on LCID. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Finally, Morgan Stanley lifted their price objective on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Stock Performance

The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -1.32 and a beta of 0.86. The firm’s 50 day moving average is $18.05 and its 200-day moving average is $21.16. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. Lucid Group’s quarterly revenue was up 68.3% on a year-over-year basis. During the same quarter last year, the business earned ($2.76) earnings per share. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after buying an additional 615,108 shares during the period. Geode Capital Management LLC raised its holdings in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after acquiring an additional 1,554,419 shares during the period. Uber Technologies Inc acquired a new position in Lucid Group during the 3rd quarter worth $326,283,000. Marshall Wace LLP boosted its holdings in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after acquiring an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Institutional investors 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.