Lucid Group (NASDAQ:LCID) Shares Gap Up to $2.50

Lucid Group, Inc. (NASDAQ:LCID) gapped up prior to trading on Wednesday . The stock had previously closed at $2.50, but opened at $2.59. Lucid Group shares last traded at $2.61, with a volume of 9,679,595 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Citigroup reiterated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Finally, Morgan Stanley reissued an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Up 2.7 %

The company has a market cap of $6.16 billion, a P/E ratio of -2.10 and a beta of 1.06. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The business’s 50 day moving average price is $2.69 and its 200-day moving average price is $3.10.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The business had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.43) EPS. On average, analysts anticipate that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares during the last quarter. Norges Bank bought a new stake in shares of Lucid Group during the fourth quarter worth $22,208,000. Invesco Ltd. lifted its stake in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after acquiring an additional 1,763,443 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after acquiring an additional 1,060,588 shares during the last quarter. Finally, abrdn plc increased its position in Lucid Group by 95.3% in the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after purchasing an additional 976,351 shares during the period. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

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.