Lucid Group (NASDAQ:LCID) Trading 5% Higher - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 5% during mid-day trading on Tuesday . The company traded as high as $2.82 and last traded at $2.82. 48,608,089 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 68,286,205 shares. The stock had previously closed at $2.68.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a research note on Tuesday, March 18th. Robert W. Baird lifted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research report on Monday, April 21st. Finally, Benchmark restated a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The business has a 50 day simple moving average of $2.43 and a 200-day simple moving average of $2.56. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of -2.22 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results 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). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The company had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same quarter in the previous year, the company posted ($0.27) EPS. Lucid Group's quarterly revenue was up 36.1% compared to the same quarter last year. Equities research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Investment Counsel LLC bought a new position in shares of Lucid Group in the first quarter worth approximately $25,000. HB Wealth Management LLC bought a new stake in Lucid Group in the 1st quarter worth $25,000. Grimes & Company Inc. purchased a new position in shares of Lucid Group in the first quarter valued at about $27,000. Integrity Alliance LLC. bought a new position in shares of Lucid Group during the first quarter valued at about $27,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group during the fourth quarter worth about $28,000. 75.17% of the stock is currently 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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