Lucid Group (NASDAQ:LCID) Shares Up 1.1% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was up 1.1% during trading on Wednesday . The stock traded as high as $2.24 and last traded at $2.22. Approximately 34,083,320 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 76,441,284 shares. The stock had previously closed at $2.19.

Analyst Ratings Changes

Several equities research analysts have commented on LCID shares. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Robert W. Baird boosted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Benchmark reiterated a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Stifel Nicolaus dropped their price target on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Finally, TD Cowen started coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Lucid Group presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Down 2.8%

The company has a fifty day simple moving average of $2.45 and a 200-day simple moving average of $2.59. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of -1.57 and a beta of 0.81.

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

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Sterling Investment Counsel LLC purchased a new position in Lucid Group during the 1st quarter valued at about $25,000. HB Wealth Management LLC purchased a new position in Lucid Group during the 1st quarter valued at about $25,000. Grimes & Company Inc. purchased a new position in Lucid Group during the 1st quarter valued at about $27,000. Integrity Alliance LLC. purchased a new position in Lucid Group during the 1st quarter valued at about $27,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Lucid Group by 111.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company's stock valued at $29,000 after acquiring an additional 6,295 shares in the last quarter. Hedge funds and other institutional investors 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.