Lucid Group (NASDAQ:LCID) Trading 1.4% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) traded up 1.4% during trading on Friday . The stock traded as high as $6.75 and last traded at $6.55. 14,937,101 shares were traded during trading, an increase of 28% from the average session volume of 11,628,398 shares. The stock had previously closed at $6.46.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Evercore set a $6.00 price objective on shares of Lucid Group in a research note on Monday, May 11th. Royal Bank Of Canada decreased their price objective on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Bank of America assumed coverage on shares of Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective for the company. Finally, TD Cowen decreased their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Performance

The company has a market cap of $2.56 billion, a PE ratio of -0.50 and a beta of 0.88. The firm’s fifty day moving average is $7.55 and its 200 day moving average is $10.07. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00.

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

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Royal Bank of Canada increased its holdings in Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares in the last quarter. AQR Capital Management LLC increased its holdings in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after acquiring an additional 254,551 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Lucid Group by 11.3% in the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after acquiring an additional 11,252 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.