Lucid Group (NASDAQ:LCID) Shares Up 11.6% - Time to Buy?

Key Points

• Lucid shares rose 11.6% to $3.37 in mid-day trading, with volume 36% above its average.
• Analyst sentiment remains cautious: the average rating is “Reduce,” with nine Hold, three Sell, and one Buy ratings; the average price target is $8.67.
• Lucid’s latest quarter showed revenue of $405.4 million, up 56.2% year over year and above expectations, but its loss per share of $2.78 was wider than analysts’ estimate.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 11.6% on Wednesday. The stock traded as high as $3.52 and last traded at $3.37. Approximately 17,970,739 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 13,216,172 shares. The stock had previously closed at $3.02.

Analyst Upgrades and Downgrades

Several brokerages have commented on LCID. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Royal Bank Of Canada reduced their target price on shares of Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a report on Monday, October 12th. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a research note on Monday, October 12th. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, William Blair downgraded shares of Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $8.67.

Lucid Group Price Performance

The firm has a 50-day moving average of $3.97 and a 200 day moving average of $6.83. The company has a market capitalization of $1.33 billion, a PE ratio of -0.25 and a beta of 0.80.

Lucid Group (NASDAQ:LCID - Get Free Report) last released 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 company had revenue of $405.35 million for the quarter, compared to analysts' expectations of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm's revenue for the quarter was up 56.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.24) earnings per share. Equities analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its stake in Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock worth $18,289,000 after buying an additional 189,134 shares in the last quarter. Calamos Advisors LLC lifted its stake in shares of Lucid Group by 40.0% during the third quarter. Calamos Advisors LLC now owns 525,000 shares of the company's stock worth $2,137,000 after buying an additional 150,000 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Lucid Group during the second quarter worth about $3,125,000. Lazard Asset Management LLC raised its position in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock worth $2,904,000 after buying an additional 200,604 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Lucid Group during the 2nd quarter worth approximately $1,368,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid's vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.

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