Lucid Group (NASDAQ:LCID) Trading Up 6% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 6% during trading on Monday . The stock traded as high as $2.27 and last traded at $2.23. 54,496,699 shares were traded during mid-day trading, a decline of 30% from the average session volume of 77,685,361 shares. The stock had previously closed at $2.10.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LCID shares. TD Cowen began coverage on Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 price target on the stock. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Stifel Nicolaus reduced their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Robert W. Baird boosted their target price on Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a report on Monday, April 21st. Finally, Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.68.

Lucid Group Stock Up 3.1%

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $6.60 billion, a P/E ratio of -1.62 and a beta of 0.81. The business has a 50-day simple moving average of $2.45 and a two-hundred day simple moving average of $2.59.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same quarter last year, the company earned ($0.27) earnings per share. The firm’s revenue was up 36.1% on a year-over-year basis. Equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LCID. Yousif Capital Management LLC acquired a new position in shares of Lucid Group during the fourth quarter worth approximately $32,000. Empowered Funds LLC acquired a new position in Lucid Group during the 4th quarter worth $301,000. Van ECK Associates Corp lifted its holdings in Lucid Group by 103.3% during the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after buying an additional 633,410 shares in the last quarter. Vontobel Holding Ltd. boosted its position in Lucid Group by 87.9% in the 4th quarter. Vontobel Holding Ltd. now owns 242,579 shares of the company’s stock valued at $733,000 after buying an additional 113,477 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Lucid Group by 114.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock valued at $3,019,000 after buying an additional 533,973 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.