Lucid Group (NASDAQ:LCID) Trading 6.4% Higher - Still a Buy?

Key Points

• Lucid Group's stock rose by 6.4% to $22.44, with a trading volume of nearly 9.67 million shares, though this represented a decline from the average volume.
• Wall Street analysts have set a consensus rating of "Hold" for Lucid Group, with target prices varying from $2.10 to $30.00.
• In its latest quarterly earnings, Lucid reported an EPS of ($2.80), missing estimates and reflecting a 29.3% year-over-year revenue increase despite a significant negative net margin.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 6.4% during trading on Monday . The company traded as high as $22.45 and last traded at $22.44. 9,666,718 shares were traded during trading, a decline of 17% from the average session volume of 11,693,008 shares. The stock had previously closed at $21.10.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 target price on shares of Lucid Group in a research note on Friday, August 29th. Finally, Cantor Fitzgerald raised their target price on shares of Lucid Group to $20.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $23.31.

Lucid Group Stock Performance

The firm's 50 day moving average is $22.62 and its 200-day moving average is $23.17. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of -1.95 and a beta of 0.78.

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

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Sterling Investment Counsel LLC bought a new stake in shares of Lucid Group during the first quarter valued at approximately $25,000. HB Wealth Management LLC acquired a new position in shares of Lucid Group during the first quarter valued at $25,000. Cigna Investments Inc. New acquired a new position in shares of Lucid Group during the second quarter valued at $25,000. Valeo Financial Advisors LLC lifted its stake in shares of Lucid Group by 9.7% during 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 period. Finally, Tyche Wealth Partners LLC acquired a new position in shares of Lucid Group during the second quarter valued at $26,000. Institutional investors and hedge funds 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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