Lucid Group (NASDAQ:LCID) Stock Price Up 2.8% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 2.8% on Thursday . The company traded as high as $5.91 and last traded at $5.84. Approximately 14,513,313 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 11,498,568 shares. The stock had previously closed at $5.68.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of analyst reports. Royal Bank Of Canada decreased their target price on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research report on Monday, April 13th. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Robert W. Baird set a $6.00 price target on Lucid Group in a research note on Wednesday, May 6th. TD Cowen decreased their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Trading Up 2.8%

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The company has a market cap of $2.28 billion, a P/E ratio of -0.44 and a beta of 0.88. The business’s 50-day moving average price is $8.11 and its 200 day moving average price is $10.57.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($3.46) EPS for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business had revenue of $282.47 million for the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the previous year, the business posted ($0.20) EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts expect that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Jain Global LLC boosted its position in Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after purchasing an additional 1,200 shares during the period. The Manufacturers Life Insurance Company boosted its position in Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after purchasing an additional 1,430 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Lucid Group by 9.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after buying an additional 1,569 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after buying an additional 1,604 shares during the period. 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.