Lucid Group (NASDAQ:LCID) Shares Up 2.1% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 2.1% during mid-day trading on Monday . The company traded as high as $2.22 and last traded at $2.20. 32,879,690 shares were traded during trading, a decline of 57% from the average session volume of 75,850,654 shares. The stock had previously closed at $2.15.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Robert W. Baird raised their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target on the stock in a report on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market cap of $6.59 billion, a PE ratio of -1.61 and a beta of 0.81. The business's fifty day moving average is $2.45 and its 200-day moving average is $2.59.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results 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). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same period in the prior year, the firm earned ($0.27) EPS. Lucid Group's revenue for the quarter was up 36.1% compared to the same quarter last year. As a group, research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in the company. Public Investment Fund lifted its holdings in Lucid Group by 28.8% during 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 purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after purchasing an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

About Lucid Group

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.