Lucid Group (NASDAQ:LCID) Shares Up 11.6% – Should You Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 11.6% during mid-day trading on Wednesday. The stock traded as high as $3.52 and last traded at $3.37. Approximately 17,970,739 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 13,216,172 shares. The stock had previously closed at $3.02.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LCID. UBS Group reissued a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. William Blair downgraded shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Citigroup decreased their price target 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. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research note on Monday, October 12th. Finally, Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average price target of $8.67.

Lucid Group Stock Up 11.6%

The firm has a 50-day simple moving average of $3.97 and a 200 day simple moving average of $6.83. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -0.25 and a beta of 0.80.

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

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Brighton Jones LLC purchased a new position in shares of Lucid Group in the third quarter valued at $72,000. Ethic Inc. grew its position in shares of Lucid Group by 101.0% in the third quarter. Ethic Inc. now owns 22,746 shares of the company’s stock valued at $93,000 after purchasing an additional 11,431 shares during the period. Calamos Advisors LLC increased its stake in Lucid Group by 40.0% in the third quarter. Calamos Advisors LLC now owns 525,000 shares of the company’s stock valued at $2,137,000 after purchasing an additional 150,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lucid Group during the 3rd quarter worth about $344,000. Finally, Apollon Wealth Management LLC boosted its holdings in shares of Lucid Group by 60.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 27,478 shares of the company’s stock valued at $112,000 after purchasing an additional 10,342 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.