Lucid Group (NASDAQ:LCID) Shares Up 0.9% - Should You Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 0.9% during trading on Thursday . The company traded as high as $2.30 and last traded at $2.27. Approximately 19,116,524 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 65,081,740 shares. The stock had previously closed at $2.25.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Stifel Nicolaus lowered their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Robert W. Baird upped their target price 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. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Finally, Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Lucid Group presently has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Performance

The stock's 50 day simple moving average is $2.36 and its two-hundred day simple moving average is $2.55. 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 stock has a market cap of $7.94 billion, a P/E ratio of -1.96 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. Lucid Group's revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.27) EPS. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in shares of Lucid Group during the 4th quarter worth about $780,000. XTX Topco Ltd increased its holdings in shares of Lucid Group by 395.7% during the 4th quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock worth $2,564,000 after acquiring an additional 677,846 shares during the last quarter. Norges Bank bought a new position in Lucid Group during the fourth quarter worth $9,446,000. Nisa Investment Advisors LLC lifted its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after buying an additional 249,500 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.