Lucid Group (NASDAQ:LCID) Trading Up 6.6% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was up 6.6% during trading on Thursday . The stock traded as high as $2.23 and last traded at $2.19. Approximately 113,974,780 shares changed hands during trading, an increase of 36% from the average daily volume of 83,527,349 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of research reports. Benchmark reissued a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research note 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 target price on the stock in a research note on Tuesday, March 18th. Robert W. Baird upped their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Monday, April 21st. Finally, Cowen began coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Two equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Up 5.1%

The company has a market cap of $6.57 billion, a P/E ratio of -1.78 and a beta of 0.78. The firm's 50 day moving average is $2.36 and its two-hundred day moving average is $2.57. The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its 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). The company 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 firm's quarterly revenue was up 36.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.27) earnings per share. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Accredited Investors Inc. acquired a new position in shares of Lucid Group in the 4th quarter worth approximately $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC bought a new position in Lucid Group during the fourth quarter worth $31,000. HB Wealth Management LLC bought a new position in Lucid Group during the first quarter worth $25,000. Finally, Sterling Investment Counsel LLC acquired a new position in Lucid Group in the first quarter valued at $25,000. 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.