Lucid Group (NASDAQ:LCID) Stock Price Up 1.7% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 1.7% on Friday . The company traded as high as $4.68 and last traded at $4.68. 10,191,399 shares traded hands during trading, a decline of 26% from the average daily volume of 13,739,159 shares. The stock had previously closed at $4.60.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent research reports. Citigroup cut their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Evercore set a $6.00 price target on shares of Lucid Group in a research report on Monday, May 11th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Finally, William Blair downgraded shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $9.22.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -0.34 and a beta of 0.81. The stock’s fifty day moving average price is $6.20 and its 200-day moving average price is $7.17.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same period in the prior year, the business posted ($0.24) EPS. The company’s revenue for the quarter was up 56.2% on a year-over-year basis. Equities research analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Uber Technologies Inc acquired a new position in Lucid Group during the third quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. Vanguard Group Inc. boosted its position in Lucid Group by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after acquiring an additional 701,826 shares during the period. Goldman Sachs Group Inc. grew its stake in Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after purchasing an additional 2,167,882 shares during the period. 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.