Lucid Group (NASDAQ:LCID) Stock Jumps 2.9% - Time to Buy?

Key Points

• Lucid shares rose 2.9% to $4.19, though trading volume was 41% below the stock’s average daily volume.
• Analyst sentiment remains weak: the stock has a consensus “Reduce” rating, with one Buy, eight Hold, and three Sell ratings, and an average price target of $9.22.
• Lucid reported revenue of $405.35 million, up 56.2% year over year and above estimates, but its $2.78 quarterly loss per share missed expectations. The company continues to show deeply negative margins and return on equity, while institutional investors own 75.17% of its shares.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 2.9% on Thursday. The stock traded as high as $4.31 and last traded at $4.19. 7,973,478 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 13,483,061 shares. The stock had previously closed at $4.07.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research analyst reports. William Blair downgraded Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Zacks Research raised Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Royal Bank Of Canada restated a "sector perform" rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a report on Monday, September 21st. Finally, Citigroup reduced their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $9.22.

Lucid Group Stock Performance

The business has a 50-day moving average of $5.46 and a 200 day moving average of $6.41. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The company has a market cap of $1.65 billion, a PE ratio of -0.31 and a beta of 0.81.

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

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in Lucid Group during the second quarter valued at approximately $3,125,000. Headlands Technologies LLC purchased a new position in shares of Lucid Group during the 2nd quarter worth $1,368,000. Lazard Asset Management LLC boosted its stake in shares of 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 acquiring an additional 200,604 shares during the last quarter. Bank of America Corp DE grew its position in shares of Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock valued at $18,289,000 after acquiring an additional 189,134 shares during the period. Finally, Quantinno Capital Management LP grew its position in shares of Lucid Group by 246.0% during the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company's stock valued at $1,931,000 after acquiring an additional 144,089 shares during the period. Hedge funds and other institutional investors own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company's operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid's primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.

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