Shares of Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shot up 0.9% on Monday . The stock traded as high as $3.64 and last traded at $3.53. 10,167,939 shares were traded during mid-day trading, a decline of 68% from the average session volume of 32,127,840 shares. The stock had previously closed at $3.50.
Analysts Set New Price Targets
Several brokerages have weighed in on LCID. Stifel Nicolaus lowered their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Cantor Fitzgerald restated an “underweight” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Monday. Morgan Stanley restated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Citigroup restated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $4.14.
Read Our Latest Stock Report on Lucid Group
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last posted its earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm’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) earnings per share. Equities analysts anticipate that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
A number of institutional investors have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Lucid Group by 58.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,447 shares of the company’s stock worth $40,000 after acquiring an additional 5,725 shares during the last quarter. Accredited Investors Inc. acquired a new position in Lucid Group in the second quarter valued at $27,000. ORG Partners LLC acquired a new position in Lucid Group in the second quarter valued at $83,000. Dynamic Advisor Solutions LLC increased its stake in Lucid Group by 92.5% in the second quarter. Dynamic Advisor Solutions LLC now owns 21,137 shares of the company’s stock valued at $55,000 after purchasing an additional 10,157 shares during the last quarter. Finally, QRG Capital Management Inc. acquired a new position in Lucid Group in the second quarter valued at $34,000. 75.17% of the stock is owned by institutional investors and hedge funds.
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.
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