Lucid Group (NASDAQ:LCID) Shares Up 5.5% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 5.5% during mid-day trading on Tuesday . The stock traded as high as $2.21 and last traded at $2.23. 48,675,768 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 110,778,484 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

Several research firms have recently issued reports on LCID. Morgan Stanley raised Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a research report on Tuesday, March 18th. Robert W. Baird lifted their price target on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Lucid Group has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Up 10.4%

The stock has a market cap of $7.11 billion, a PE ratio of -1.93 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The company's 50-day moving average price is $2.35 and its 200 day moving average price is $2.56.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The business had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same period in the previous year, the company 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, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Accredited Investors Inc. bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $30,000. Proficio Capital Partners LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $31,000. DRW Securities LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $31,000. HB Wealth Management LLC bought a new position in shares of Lucid Group during the 1st quarter valued at approximately $25,000. Finally, Sterling Investment Counsel LLC bought a new position in shares of Lucid Group during the 1st quarter valued at approximately $25,000. 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.

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