Lucid Group (NASDAQ:LCID) Trading 5.5% Higher – Here’s Why
by Kim Johansen · The Markets DailyLucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price was up 5.5% on Friday . The stock traded as high as $11.26 and last traded at $11.15. Approximately 6,656,888 shares traded hands during trading, a decline of 5% from the average daily volume of 7,032,931 shares. The stock had previously closed at $10.57.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Stifel Nicolaus decreased their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $21.54.
Check Out Our Latest Stock Report on Lucid Group
Lucid Group Price Performance
The stock has a market capitalization of $3.61 billion, a P/E ratio of -1.04 and a beta of 0.89. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company’s 50-day simple moving average is $13.84 and its 200-day simple moving average is $19.34.
Lucid Group (NASDAQ:LCID – Get Free Report) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million during 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%. The business’s revenue was up 68.3% on a year-over-year basis. During the same period last year, the business earned ($2.76) EPS. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.
Institutional Investors Weigh In On Lucid Group
Several institutional investors have recently made changes to their positions in LCID. Tudor Investment Corp ET AL acquired a new position in Lucid Group in the 3rd quarter valued at $1,361,978,000. IFP Advisors Inc grew its holdings in shares of Lucid Group by 315.0% during the 3rd quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock worth $290,000 after purchasing an additional 9,258 shares in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Lucid Group in the third quarter worth $1,229,000. Uber Technologies Inc acquired a new position in Lucid Group in the third quarter valued at about $326,283,000. Finally, Paloma Partners Management Co bought a new stake in Lucid Group during the third quarter worth about $1,368,000. 75.17% of the stock is currently owned by institutional investors.
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.