Lucid Group (NASDAQ:LCID) Trading Up 2% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was up 2% during trading on Thursday . The stock traded as high as $2.34 and last traded at $2.33. Approximately 24,666,067 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 85,335,218 shares. The stock had previously closed at $2.28.

Analysts Set New Price Targets

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

Lucid Group Stock Performance

The stock has a market capitalization of $7.11 billion, a P/E ratio of -1.93 and a beta of 0.78. The company's 50-day moving average is $2.34 and its two-hundred day moving average is $2.55. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued 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 firm 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 275.73% and a negative return on equity of 68.64%. The company's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) earnings per share. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company's stock worth $8,935,000 after buying an additional 85,370 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group in the 4th quarter worth approximately $31,000. Charles Schwab Investment Management Inc. lifted its stake in Lucid Group by 29.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock valued at $19,919,000 after purchasing an additional 1,499,034 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Lucid Group by 31.6% during the fourth quarter. Victory Capital Management Inc. now owns 144,451 shares of the company's stock worth $436,000 after buying an additional 34,705 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Lucid Group by 1.9% in the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock worth $818,000 after buying an additional 5,022 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.