Lucid Group (NASDAQ:LCID) Stock Price Up 3.5% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 3.5% on Friday . The stock traded as high as $2.84 and last traded at $2.79. 37,841,279 shares were traded during trading, a decline of 44% from the average session volume of 67,371,153 shares. The stock had previously closed at $2.69.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Stifel Nicolaus reduced their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their target price for the company from $3.50 to $1.13 in a report on Monday, February 24th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 target price on the stock. Finally, Robert W. Baird lifted their target price on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Two investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Price Performance

The stock has a market cap of $8.97 billion, a PE ratio of -2.21 and a beta of 0.88. 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 company's 50 day moving average is $2.43 and its 200-day moving average is $2.56.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same period last year, the firm earned ($0.27) EPS. The business's quarterly revenue was up 36.1% on a year-over-year basis. As a group, 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC bought a new stake in shares of Lucid Group in the 1st quarter worth about $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group in the 1st quarter worth about $25,000. Grimes & Company Inc. bought a new stake in shares of Lucid Group in the 1st quarter worth about $27,000. Integrity Alliance LLC. bought a new stake in shares of Lucid Group in the 1st quarter worth about $27,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group in the 4th quarter worth about $28,000. 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.