Lucid Group (NASDAQ:LCID) Trading 4% Higher - Should You Buy?

Key Points

• Lucid Group's stock price increased by 4% on Friday, trading between $24.53 and $23.96, with a volume of over 12 million shares.
• Several analysts upgraded their target prices for Lucid Group, with Cantor Fitzgerald setting it at $26.00 and Morgan Stanley at $30.00, reflecting a consensus rating of "Hold".
• Lucid Group reported a loss of ($2.80) earnings per share for the last quarter, falling short of expectations, but showed a year-over-year revenue increase of 29.3%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded up 4% on Friday . The company traded as high as $24.53 and last traded at $23.96. 12,335,849 shares traded hands during trading, an increase of 6% from the average session volume of 11,680,372 shares. The stock had previously closed at $23.04.

Analyst Ratings Changes

Several research firms recently commented on LCID. Cantor Fitzgerald raised their target price on Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday. Stifel Nicolaus set a $2.10 price objective on Lucid Group in a report on Friday, August 29th. Finally, Morgan Stanley increased their price objective on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Lucid Group currently has a consensus rating of "Hold" and a consensus target price of $23.85.

Lucid Group Stock Performance

The stock has a market cap of $7.36 billion, a P/E ratio of -2.08 and a beta of 0.78. The stock has a fifty day simple moving average of $22.60 and a 200-day simple moving average of $23.21. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. During the same quarter last year, the business posted ($2.90) earnings per share. The company's revenue for the quarter was up 29.3% on a year-over-year basis. On average, equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LCID. Sterling Investment Counsel LLC bought a new position in Lucid Group in the first quarter valued at approximately $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group during the first quarter worth about $25,000. Cigna Investments Inc. New purchased a new position in Lucid Group during the second quarter worth about $25,000. Valeo Financial Advisors LLC boosted its stake in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after acquiring an additional 1,055 shares during the last quarter. Finally, Tyche Wealth Partners LLC purchased a new stake in Lucid Group in the 2nd quarter worth approximately $26,000. 75.17% of the stock is owned by 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.

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