Lucid Group (NASDAQ:LCID) Stock Price Up 5.2% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 5.2% on Friday . The company traded as high as $2.45 and last traded at $2.43. Approximately 44,213,514 shares traded hands during trading, a decline of 32% from the average daily volume of 65,481,640 shares. The stock had previously closed at $2.31.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on LCID. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, May 7th. TD Cowen began coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective for the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Stifel Nicolaus lowered their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus 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 company has a market cap of $8.08 billion, a price-to-earnings ratio of -1.99 and a beta of 0.88. The business has a fifty day moving average price of $2.37 and a 200 day moving average price of $2.55.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (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 the consensus estimate 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 was up 36.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.27) EPS. As a group, research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Public Investment Fund boosted its stake in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after purchasing an additional 615,108 shares during the period. Geode Capital Management LLC lifted its stake in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after purchasing an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP increased its position in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. 75.17% of the stock is currently 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.