Lucid Group (NASDAQ:LCID) Stock Price Up 3% - Time to Buy?

Key Points

• Lucid shares rose 3% to $3.41, but trading volume was 36% below the average session volume. The stock remains well below its 50-day and 200-day moving averages of $4.22 and $7.03, respectively.
• Analyst sentiment is largely negative, with a consensus rating of “Reduce” based on one Buy, nine Hold, and three Sell ratings. Recent price-target cuts include Morgan Stanley lowering its target to $3 and RBC reducing its target to $4.
• Lucid exceeded revenue expectations with $405.35 million, up 56.2% year over year, but missed on earnings with a quarterly loss of $2.78 per share. The company continues to report substantial losses, including a negative net margin of 249.21%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 3% on Wednesday. The company traded as high as $3.42 and last traded at $3.41. 8,477,320 shares were traded during trading, a decline of 36% from the average session volume of 13,237,425 shares. The stock had previously closed at $3.31.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LCID shares. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Royal Bank Of Canada reduced their price objective on Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a research report on Monday, October 12th. Citigroup decreased their price objective on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, August 19th. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a research report on Monday, October 12th. Finally, Morgan Stanley reduced their price target on shares of Lucid Group from $5.00 to $3.00 and set an "underweight" rating on the stock in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $8.67.

Lucid Group Price Performance

The firm's 50 day simple moving average is $4.22 and its two-hundred day simple moving average is $7.03. The firm has a market capitalization of $1.34 billion, a P/E ratio of -0.25 and a beta of 1.00.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $405.35 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 56.2% compared to the same quarter last year. During the same period last year, the business posted ($0.24) earnings per share. As a group, equities research analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Bank of America Corp DE boosted its holdings in shares of Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock worth $18,289,000 after purchasing an additional 189,134 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Lucid Group during the 2nd quarter worth approximately $3,125,000. Lazard Asset Management LLC grew its stake in 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 purchasing an additional 200,604 shares during the period. Calamos Advisors LLC grew its position in shares of Lucid Group by 50.0% in the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock worth $2,144,000 after buying an additional 75,000 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Lucid Group in the 2nd quarter worth about $1,368,000. Institutional investors own 75.17% of the company's stock.

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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