Lucid Group (NASDAQ:LCID) Trading Up 0.9% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 0.9% on Wednesday . The stock traded as high as $2.72 and last traded at $2.68. Approximately 36,123,726 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 66,866,215 shares. The stock had previously closed at $2.65.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent analyst reports. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Robert W. Baird lifted their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Finally, Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Up 5.6%

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company's fifty day moving average is $2.42 and its 200-day moving average is $2.56. The stock has a market cap of $8.61 billion, a PE ratio of -2.12 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same period last year, the business earned ($0.27) EPS. The company's revenue for the quarter was up 36.1% on a year-over-year basis. On average, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Public Investment Fund increased its holdings in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its holdings in Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP increased its holdings in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after buying an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new position in Lucid Group in the fourth quarter valued at $34,123,000. Hedge funds and other 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.