Why Did Lucid Group Inc nasdaq Lcid Stock Surges Today

Why Did Lucid Group, Inc. (NASDAQ: LCID) Stock Surges Today?

On Friday, Shares of Lucid Group, Inc. (NASDAQ: LCID) surged by over 1%, as Blair William & Co. IL increases its stake in an automotive company by 212.4%.

In a recent report, Blair William & Co. confirmed that it acquired an additional 21,583 shares during the last quarter, bringing its total ownership to 31,743. The approximate value of the stake is reported to be around $217,000 at the end of the period. This development demonstrates Blair William’s confidence in the future prospects of the electric vehicle manufacturer.

The news of Blair William’s investment surge was officially disclosed in a Form 13F filing with the Securities and Exchange Commission on June 1st, 2023.

On May 8th, Lucid Group released its earnings results for the first quarter ended March 31st. The company reported a loss per share of ($0.43), which was $0.06 lower than market experts’ expectations. The negative performance can be attributed to various factors, including a significant net margin reduction of approximately -286.13% and a decrease in return on equity (ROE) of -59.10%.

Despite the decline in profitability compared to the previous reporting period, loyal Lucid Group investors have remained steadfast due to the substantial revenue growth the company has experienced in just two years.

In the first quarter of the fiscal year 2023, Lucid Group reported revenues of $149.43 million. The figure did not meet the expectations of analysts, who had projected revenues of $211.53 million. However, it still represented an impressive growth rate of 159% compared to the same quarter the previous year.

On June 1st, LCID stock opened slightly higher than the previous day’s closing price. Throughout the trading session, the stock fluctuated between $6.39 and $6.61 before closing at $6.60. The trading volume reached 52,183,057 (52.18 million), surpassing the average volume of 18.71 million over the past three months. Lucid Group’s current market capitalization stands at $11.71 billion.