Lucid Group (NASDAQ:LCID) Shares Up 5.1% - Should You Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 5.1% during mid-day trading on Friday . The stock traded as high as $2.23 and last traded at $2.16. Approximately 211,394,699 shares traded hands during mid-day trading, an increase of 151% from the average daily volume of 84,058,531 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

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

Lucid Group Stock Performance

The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. The firm has a market cap of $6.44 billion, a PE ratio of -1.74 and a beta of 0.78. The firm has a 50-day moving average price of $2.35 and a two-hundred day moving average price of $2.56.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The company's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.27) EPS. Research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LCID. Sterling Investment Counsel LLC acquired a new stake in shares of Lucid Group in the first quarter valued at approximately $25,000. HB Wealth Management LLC acquired a new stake in shares of Lucid Group in the 1st quarter worth $25,000. Grimes & Company Inc. acquired a new position in shares of Lucid Group during the 1st quarter valued at about $27,000. Integrity Alliance LLC. acquired a new position in shares of Lucid Group during the 1st quarter valued at about $27,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Lucid Group by 111.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after purchasing an additional 6,295 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other 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.