Lucid Group (NASDAQ:LCID) Shares Gap Up - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.64, but opened at $2.70. Lucid Group shares last traded at $2.66, with a volume of 17,385,848 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on LCID. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. TD Cowen began coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Benchmark reiterated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the 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 Trading Down 7.9%

The stock has a 50-day moving average price of $2.49 and a 200-day moving average price of $2.58. The stock has a market cap of $6.77 billion, a P/E ratio of -1.66 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The company had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.27) EPS. On average, equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LCID. Sterling Investment Counsel LLC purchased a new stake in shares of Lucid Group during the first quarter worth about $25,000. HB Wealth Management LLC purchased a new stake in shares of Lucid Group during the first quarter worth about $25,000. Grimes & Company Inc. purchased a new stake in shares of Lucid Group during the first quarter worth about $27,000. Integrity Alliance LLC. purchased a new stake in shares of Lucid Group during the first quarter worth about $27,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in Lucid Group during the 4th quarter valued at approximately $28,000. Institutional investors own 75.17% of the company's stock.

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.