Lucid Group (NASDAQ:LCID) Stock Price Up 8% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 8% on Tuesday . The stock traded as high as $2.97 and last traded at $3.05. Approximately 75,512,303 shares traded hands during trading, a decline of 17% from the average daily volume of 91,113,433 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LCID shares. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Robert W. Baird increased their price objective on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Monday, April 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Price Performance

The business's 50 day simple moving average is $2.36 and its 200-day simple moving average is $2.52. 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 stock has a market capitalization of $9.53 billion, a price-to-earnings ratio of -2.58 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to the consensus estimate 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 was up 36.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.27) earnings per share. On average, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Accredited Investors Inc. purchased a new stake in Lucid Group during the 4th quarter worth about $30,000. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the 4th quarter valued at $31,000. DRW Securities LLC bought a new position in shares of Lucid Group in the fourth quarter worth $31,000. HB Wealth Management LLC purchased a new stake in shares of Lucid Group in the first quarter worth $25,000. Finally, Sterling Investment Counsel LLC bought a new stake in Lucid Group during the first quarter valued at $25,000. Institutional investors own 75.17% of the company's stock.

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.

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