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

Lucid Group, Inc. (NASDAQ:LCID) was up 6% on Monday . The company traded as high as $2.27 and last traded at $2.23. Approximately 54,496,699 shares changed hands during trading, a decline of 30% from the average daily volume of 77,685,361 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

LCID has been the topic of a number of recent research reports. Benchmark reaffirmed a “buy” rating and set a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective on the stock in a report on Tuesday, March 18th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen began coverage on Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus lowered their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus target price of $2.68.

Lucid Group Stock Performance

The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of -1.62 and a beta of 0.81. The firm has a fifty day simple moving average of $2.45 and a 200 day simple moving average of $2.59. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $235.05 million for the quarter, compared to analysts’ expectations of $250.50 million. During the same quarter last year, the firm posted ($0.27) earnings per share. Lucid Group’s quarterly revenue was up 36.1% on a year-over-year basis. On average, analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers grew its stake in shares of Lucid Group by 4.9% in the first quarter. Rhumbline Advisers now owns 814,725 shares of the company’s stock valued at $1,972,000 after buying an additional 38,113 shares in the last quarter. Strs Ohio acquired a new position in Lucid Group during the 1st quarter worth $947,000. Focus Partners Wealth raised its stake in Lucid Group by 450.9% during the 1st quarter. Focus Partners Wealth now owns 215,241 shares of the company’s stock valued at $521,000 after acquiring an additional 176,170 shares during the last quarter. Integrity Alliance LLC. purchased a new position in Lucid Group in the first quarter valued at about $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Lucid Group by 17.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,062,287 shares of the company’s stock valued at $7,411,000 after purchasing an additional 449,656 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.