Lucid Group (NASDAQ:LCID) Shares Up 1.2% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 1.2% during mid-day trading on Friday . The company traded as high as $2.19 and last traded at $2.16. 40,898,045 shares changed hands during trading, a decline of 46% from the average session volume of 75,191,369 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LCID. Cowen began coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a research report on Tuesday, March 18th. Finally, Benchmark restated a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

The firm has a market capitalization of $6.56 billion, a PE ratio of -1.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company's fifty day simple moving average is $2.46 and its 200 day simple moving average is $2.58.

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 the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. Lucid Group's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same period last year, the company earned ($0.27) earnings per share. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in shares of Lucid Group by 4.9% in the first quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock worth $1,972,000 after buying an additional 38,113 shares in the last quarter. Strs Ohio purchased a new stake in shares of Lucid Group in the first quarter worth about $947,000. Focus Partners Wealth lifted its holdings in shares of Lucid Group by 450.9% in the first quarter. Focus Partners Wealth now owns 215,241 shares of the company's stock worth $521,000 after buying an additional 176,170 shares in the last quarter. Integrity Alliance LLC. purchased a new stake in shares of Lucid Group in the first quarter worth about $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Lucid Group by 17.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,062,287 shares of the company's stock worth $7,411,000 after buying an additional 449,656 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other 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.