Lucid Group (NASDAQ:LCID) Stock Price Up 2% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 2% on Tuesday . The company traded as high as $10.62 and last traded at $10.50. 8,158,324 shares were traded during trading, a decline of 2% from the average session volume of 8,284,155 shares. The stock had previously closed at $10.29.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Robert W. Baird set a $14.00 target price on Lucid Group in a report on Tuesday, January 6th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Trading Up 2.0%

The business has a 50 day moving average of $11.68 and a 200 day moving average of $17.68. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of -0.98 and a beta of 1.16. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business’s revenue was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($2.76) earnings per share. As a group, research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of LCID. Valeo Financial Advisors LLC lifted its holdings in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Tyche Wealth Partners LLC bought a new stake in shares of Lucid Group during the 2nd quarter worth about $26,000. Concurrent Investment Advisors LLC bought a new stake in shares of Lucid Group during the 2nd quarter worth about $29,000. Kingsview Wealth Management LLC bought a new position in Lucid Group in the 2nd quarter valued at about $30,000. Finally, Cypress Wealth Services LLC bought a new position in Lucid Group during the 2nd quarter worth $32,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.