Lucid Group (NASDAQ:LCID) Stock Price Up 1.2% – Should You Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 1.2% during mid-day trading on Wednesday . The company traded as high as $5.78 and last traded at $5.68. 10,735,025 shares changed hands during trading, a decline of 6% from the average session volume of 11,477,342 shares. The stock had previously closed at $5.61.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Morgan Stanley set a $5.00 price target on Lucid Group in a research report on Wednesday, May 6th. Evercore set a $6.00 price target on Lucid Group in a research report on Monday, May 11th. Bank of America started coverage on Lucid Group in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 target price for the company. Finally, Robert W. Baird set a $6.00 target price on Lucid Group in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and an average price target of $9.67.

Lucid Group Price Performance

The company has a 50-day moving average price of $8.20 and a two-hundred day moving average price of $10.65. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The company has a market cap of $2.22 billion, a PE ratio of -0.43 and a beta of 0.88.

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

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of LCID. Tudor Investment Corp ET AL purchased a new position in Lucid Group in the third quarter valued at about $1,361,978,000. Y Intercept Hong Kong Ltd purchased a new position in Lucid Group in the third quarter valued at about $2,248,000. SG Americas Securities LLC boosted its holdings in Lucid Group by 65.9% in the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock valued at $1,915,000 after purchasing an additional 71,966 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after purchasing an additional 701,826 shares during the last quarter. Finally, Calamos Advisors LLC purchased a new position in Lucid Group in the fourth quarter valued at about $1,586,000. Hedge funds and other 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.