Lucid Group (NASDAQ:LCID) Trading Up 3.5% - Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 3.5% during mid-day trading on Tuesday . The company traded as high as $2.24 and last traded at $2.23. 55,340,057 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 77,919,430 shares. The stock had previously closed at $2.15.

Analysts Set New Price Targets

A number of research analysts have issued reports on LCID shares. TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Robert W. Baird upped their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Finally, Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Down 0.1%

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm's 50-day simple moving average is $2.44 and its 200 day simple moving average is $2.59. The stock has a market capitalization of $6.55 billion, a P/E ratio of -1.60 and a beta of 0.81.

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

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Yousif Capital Management LLC bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $32,000. Empowered Funds LLC purchased a new position in shares of Lucid Group in the 4th quarter worth approximately $301,000. Van ECK Associates Corp grew its holdings in shares of Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock valued at $3,764,000 after acquiring an additional 633,410 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Lucid Group by 87.9% during the fourth quarter. Vontobel Holding Ltd. now owns 242,579 shares of the company's stock valued at $733,000 after acquiring an additional 113,477 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in Lucid Group by 114.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company's stock worth $3,019,000 after acquiring an additional 533,973 shares during the period. Institutional investors and hedge funds 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.

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