Lucid Group (NASDAQ:LCID) Trading Up 2.6% - Still a Buy?

Key Points

• Lucid Group's stock increased by 2.6% during mid-day trading, reaching a last traded price of $2.14, despite a significant decline in volume compared to average trading levels.
• Cantor Fitzgerald has maintained a "neutral" rating for Lucid Group, with a price target of $3.00, while other analysts suggest an average stock rating of "Hold".
• Lucid Group plans to execute a 1-10 reverse stock split on September 2nd, with shares held by shareholders being adjusted after the closing bell on August 29th.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 2.6% during mid-day trading on Tuesday . The company traded as high as $2.19 and last traded at $2.14. 33,782,500 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 115,208,875 shares. The stock had previously closed at $2.08.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Trading Up 2.6%

The stock's fifty day simple moving average is $2.34 and its 200 day simple moving average is $2.42. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $6.56 billion, a PE ratio of -1.85 and a beta of 0.79.

Lucid Group shares are set to reverse split on Tuesday, September 2nd. The 1-10 reverse split was announced on Thursday, August 21st. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, August 29th.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.06). The business had revenue of $259.43 million during the quarter, compared to analysts' expectations of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The business's revenue for the quarter was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.29) EPS. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Envestnet Asset Management Inc. increased its holdings in shares of Lucid Group by 14.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 54,619 shares of the company's stock worth $165,000 after acquiring an additional 6,994 shares during the period. Raymond James Financial Inc. bought a new stake in Lucid Group during the 4th quarter valued at approximately $780,000. Guggenheim Capital LLC grew its stake in shares of Lucid Group by 50.0% in the 4th quarter. Guggenheim Capital LLC now owns 31,413 shares of the company's stock valued at $95,000 after purchasing an additional 10,468 shares during the period. Dimensional Fund Advisors LP increased its holdings in Lucid Group by 5.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,034,932 shares of the company's stock valued at $12,190,000 after purchasing an additional 208,220 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Lucid Group by 325.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 47,830 shares of the company's stock worth $144,000 after purchasing an additional 36,592 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.