Lucid Group (NASDAQ:LCID) Stock Price Up 2.3% - Still a Buy?

Key Points

• Lucid Group's stock price increased by 2.3%, closing at $22.52, with a total trading volume of about 7.9 million shares, down 32% from its average.
• Analysts have varied opinions on the stock, with target prices ranging from $2.10 to $30.00, and an overall average rating of "Reduce" based on 2 Buy, 8 Hold, and 3 Sell ratings.
• Lucid reported a quarterly revenue of $259.43 million, missing estimates, alongside a loss of $2.80 EPS, indicating ongoing challenges for the company.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 2.3% on Wednesday . The company traded as high as $22.60 and last traded at $22.52. Approximately 7,886,687 shares changed hands during trading, a decline of 32% from the average daily volume of 11,599,135 shares. The stock had previously closed at $22.01.

Analyst Ratings Changes

LCID has been the subject of several research reports. Morgan Stanley lifted their target price on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th. Cantor Fitzgerald boosted their price objective on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a research report on Wednesday. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average target price of $23.85.

Lucid Group Stock Performance

The company has a market cap of $6.92 billion, a P/E ratio of -1.96 and a beta of 0.81. The firm has a 50 day moving average price of $21.64 and a 200-day moving average price of $23.33. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The company had revenue of $259.43 million for the quarter, compared to the consensus estimate of $288.10 million. During the same quarter last year, the company posted ($2.90) EPS. The business's revenue was up 29.3% compared to the same quarter last year. On average, research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in Lucid Group by 4.5% in the 1st quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock valued at $7,480,000 after buying an additional 132,497 shares during the last quarter. Swiss National Bank increased its stake in shares of Lucid Group by 26.9% in the 1st quarter. Swiss National Bank now owns 2,334,000 shares of the company's stock valued at $5,648,000 after buying an additional 495,000 shares during the period. Vanguard Group Inc. increased its stake in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after buying an additional 615,108 shares during the period. Vontobel Holding Ltd. increased its stake in shares of Lucid Group by 119.5% in the 1st quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock valued at $1,289,000 after buying an additional 289,880 shares during the period. Finally, Wealthfront Advisers LLC increased its stake in shares of Lucid Group by 58.7% in the 1st quarter. Wealthfront Advisers LLC now owns 233,286 shares of the company's stock valued at $565,000 after buying an additional 86,255 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.