Lucid Group (NASDAQ:LCID) Trading Up 2.6% - Should You Buy?

Key Points

• Lucid shares rose 2.6% to $5.92, but remain below their 50-day and 200-day moving averages of $6.24 and $7.65, respectively.
• Analyst sentiment is cautious: LCID has a consensus rating of “Reduce”, with one Buy, seven Hold and four Sell ratings. The average price target is $9.22, although several firms recently lowered their targets.
• Lucid reported quarterly revenue of $405.35 million, up 56.2% year over year and above estimates, but its adjusted loss of $2.78 per share missed expectations. The company continues to post substantial losses, with analysts forecasting a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were up 2.6% during trading on Wednesday . The company traded as high as $5.95 and last traded at $5.92. Approximately 8,462,630 shares changed hands during trading, a decline of 39% from the average session volume of 13,812,900 shares. The stock had previously closed at $5.77.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on LCID. Citigroup cut their price objective on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Lucid Group in a research note on Monday, August 3rd. Evercore set a $6.00 price target on shares of Lucid Group in a report on Monday, May 11th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $9.22.

Lucid Group Price Performance

The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The business's fifty day moving average is $6.24 and its 200 day moving average is $7.65. The company has a market cap of $2.33 billion, a P/E ratio of -0.43 and a beta of 0.83.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The firm had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. Lucid Group's revenue for the quarter was up 56.2% on a year-over-year basis. During the same period last year, the company posted ($0.24) earnings per share. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. Uber Technologies Inc purchased a new stake in Lucid Group during the third quarter valued at about $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock worth $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company's stock valued at $127,488,000 after purchasing an additional 701,826 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Lucid Group by 93.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock valued at $9,465,000 after buying an additional 2,167,882 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source