Lucid Group (NASDAQ:LCID) Stock Price Up 3% - Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 3% during trading on Wednesday . The company traded as high as $2.22 and last traded at $2.22. 26,731,169 shares changed hands during trading, a decline of 75% from the average session volume of 106,931,031 shares. The stock had previously closed at $2.15.

Analyst Ratings Changes

A number of research analysts have recently commented on LCID shares. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating for the company. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Up 4.0%

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 business's 50-day moving average is $2.43 and its two-hundred day moving average is $2.59. The stock has a market capitalization of $6.82 billion, a PE ratio of -1.85 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same quarter in the previous year, the company earned ($0.27) earnings per share. The company's quarterly revenue was up 36.1% on a year-over-year basis. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Lucid Group by 27.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock worth $44,000 after acquiring an additional 3,882 shares in the last quarter. Sei Investments Co. lifted its position in shares of Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company's stock worth $109,000 after buying an additional 4,431 shares during the last quarter. Voya Investment Management LLC increased its stake in shares of Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after buying an additional 4,591 shares during the period. Alpine Global Management LLC raised its holdings in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after purchasing an additional 4,653 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Lucid Group by 1.9% in the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock valued at $818,000 after acquiring an additional 5,022 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

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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