Lucid Group (NASDAQ:LCID) Stock Price Up 9.4% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) traded up 9.4% during trading on Monday. The company traded as high as $3.64 and last traded at $3.60. 18,406,947 shares changed hands during trading, an increase of 39% from the average daily volume of 13,258,997 shares. The stock had previously closed at $3.29.

Key Stories Impacting Lucid Group

Here are a few of the latest stories about LCID:

• Positive Sentiment: Lucid expanded its credit facility with Saudi Arabia’s Public Investment Fund by $1.75 billion, bringing pro forma liquidity to about $3.75 billion and extending its expected runway into the fourth quarter of 2027. The added financing helps ease near-term cash concerns, though it is debt rather than a resolution of the company’s underlying losses. Lucid expands PIF credit facility
• Positive Sentiment: Management reported a 30% sequential reduction in cash consumption, supporting hopes that its operational reset is beginning to improve liquidity management. Why Lucid Stock Keeps Going Up
• Negative Sentiment: Third-quarter revenue of $350.3 million fell short of the roughly $395.7 million expected, and the $2.30-per-share loss was also slightly worse than consensus. The revenue miss reinforces concerns about demand and the pace of the company’s path to profitability. Q3 revenue report

Wall Street Analyst Weigh In

LCID has been the subject of several research analyst reports. UBS Group reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Morgan Stanley decreased their target price on Lucid Group from $5.00 to $3.00 and set an “underweight” rating on the stock in a report on Thursday, October 15th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday. Finally, William Blair cut Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $7.11.

Lucid Group Price Performance

The firm has a market capitalization of $1.45 billion, a P/E ratio of -0.28 and a beta of 0.80. The company’s 50 day moving average price is $3.81 and its 200 day moving average price is $6.65.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, November 9th. The company reported ($2.30) earnings per share for the quarter, missing the consensus estimate of ($2.27) by ($0.03). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 253.58%. The company had revenue of $350.32 million during the quarter, compared to the consensus estimate of $395.67 million. During the same quarter last year, the firm earned ($2.65) EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, research analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. Bank of America Corp DE raised its position in shares of Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after acquiring an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Lucid Group in the 2nd quarter valued at $3,125,000. Lazard Asset Management LLC boosted its position in shares of Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after purchasing an additional 200,604 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Lucid Group in the 2nd quarter worth $1,368,000. Finally, Quantinno Capital Management LP grew its stake in shares of Lucid Group by 246.0% during the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after purchasing an additional 144,089 shares during the period. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc. designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company. The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.