Lucid Group (NASDAQ:LCID) Shares Up 10.6% - Still a Buy?

Key Points

• Lucid shares jumped 10.6% intraday to as high as $6.40 on Thursday, with trading volume of about 20.54 million shares — a 96% increase versus the average session volume.
• Analysts have trimmed targets and ratings recently, leaving a MarketBeat consensus of “Reduce” with a $12.25 target; two analysts rate Buy, six Hold and three Sell.
• Key fundamentals show a market capitalization of $2.09 billion, a negative P/E (-0.53) and a high debt-to-equity ratio (3.00), while the stock trades below its 50- and 200-day moving averages ($9.06 and $11.81), underscoring ongoing financial pressure.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 10.6% during mid-day trading on Thursday . The stock traded as high as $6.40 and last traded at $6.37. 20,538,423 shares were traded during trading, an increase of 96% from the average session volume of 10,462,478 shares. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LCID. Cantor Fitzgerald reduced their price target on shares of Lucid Group from $21.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. Royal Bank Of Canada reduced their price target on shares of Lucid Group from $10.00 to $8.00 and set a "sector perform" rating on the stock in a research report on Monday, April 13th. Robert W. Baird reduced their price target on shares of Lucid Group from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 15th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a research report on Friday, March 27th. Finally, Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a report on Thursday, March 5th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $12.25.

Lucid Group Stock Performance

The company has a market capitalization of $2.09 billion, a PE ratio of -0.53 and a beta of 1.16. The business's fifty day moving average is $9.06 and its two-hundred day moving average is $11.81. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Brown Advisory Inc. raised its holdings in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock worth $33,000 after acquiring an additional 5,000 shares during the last quarter. Jump Financial LLC purchased a new stake in Lucid Group in the second quarter worth approximately $41,000. Worldquant Millennium Advisors LLC purchased a new stake in Lucid Group in the second quarter worth approximately $59,000. Leonteq Securities AG purchased a new stake in Lucid Group in the fourth quarter worth approximately $67,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group in the fourth quarter worth approximately $77,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

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.

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