Lucid Group (NASDAQ:LCID) Shares Up 2.2%

Lucid Group, Inc. (NASDAQ:LCID) traded up 2.2% during trading on Wednesday . The stock traded as high as $2.85 and last traded at $2.82. 8,436,975 shares were traded during trading, a decline of 78% from the average session volume of 38,178,410 shares. The stock had previously closed at $2.76.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Bank of America reduced their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus decreased their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, February 26th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Lucid Group currently has an average rating of “Hold” and an average price target of $4.80.

Lucid Group Stock Performance

The stock’s fifty day moving average price is $3.14 and its 200 day moving average price is $4.03. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $179.88 million. During the same period in the prior year, the company earned ($0.40) EPS. The firm’s revenue was down 39.0% compared to the same quarter last year. Research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of the company. Quent Capital LLC raised its stake in shares of Lucid Group by 184.6% during the third quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock worth $25,000 after acquiring an additional 2,907 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in shares of Lucid Group in the 1st quarter valued at about $25,000. GAMMA Investing LLC bought a new position in Lucid Group during the 4th quarter worth approximately $28,000. First Manhattan Co. increased its stake in Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Finally, Itau Unibanco Holding S.A. boosted its stake in shares of Lucid Group by 283.3% during the second quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock valued at $34,000 after purchasing an additional 3,671 shares during the period. 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.