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

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

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Robert W. Baird raised 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. 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. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Lucid Group presently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Up 5.1%

The stock's fifty day simple moving average is $2.36 and its 200-day simple moving average is $2.57. The stock has a market cap of $6.57 billion, a P/E ratio of -1.78 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced 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 company had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. Lucid Group's revenue was up 36.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.27) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several large investors have recently made changes to their positions in LCID. Sterling Investment Counsel LLC acquired a new position in shares of Lucid Group during the first quarter worth $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group in the 1st quarter valued at $25,000. Grimes & Company Inc. bought a new position in shares of Lucid Group during the 1st quarter worth about $27,000. Integrity Alliance LLC. acquired a new position in shares of Lucid Group during the first quarter worth approximately $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Lucid Group by 111.6% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock worth $29,000 after acquiring an additional 6,295 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

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.