Lucid Group (NASDAQ:LCID) Shares Up 3.5% - Still a Buy?

Key Points

• Lucid shares rose 3.5% to $4.71, though trading volume was 33% below the average session volume.
• Analyst sentiment remains weak: one analyst rates the stock Buy, eight Hold and three Sell, producing an average “Reduce” rating and a $9.22 price target.
• Lucid’s quarterly revenue grew 56.2% year over year to $405.35 million and exceeded estimates, but the company missed on EPS, reporting a $2.78 loss, alongside deeply negative margins and a debt-to-equity ratio of 3.00.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded up 3.5% during trading on Wednesday . The stock traded as high as $4.82 and last traded at $4.71. Approximately 9,184,062 shares changed hands during trading, a decline of 33% from the average session volume of 13,774,765 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LCID. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. Benchmark lowered shares of Lucid Group from a "buy" rating to a "hold" rating in a research note on Wednesday, May 6th. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Evercore set a $6.00 price target on Lucid Group in a report on Monday, May 11th. Finally, TD Cowen reduced their price objective on Lucid Group from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of "Reduce" and an average price target of $9.22.

Lucid Group Stock Up 3.5%

The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The stock has a market capitalization of $1.86 billion, a PE ratio of -0.34 and a beta of 0.81. The firm's fifty day moving average is $6.25 and its 200-day moving average is $7.27.

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

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. Bank of America Corp DE grew its position in shares of 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 valued at $18,289,000 after purchasing an additional 189,134 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock worth $2,904,000 after acquiring an additional 200,604 shares in the last quarter. Vanguard Group Inc. boosted its stake in Lucid Group by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company's stock valued at $127,488,000 after acquiring an additional 701,826 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Lucid Group in the 4th quarter worth approximately $1,355,000. Finally, Edgestream Partners L.P. acquired a new position in shares of Lucid Group in the 1st quarter valued at about $976,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

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