Lucid Group (NASDAQ:LCID) Trading Up 5.1% - Time to Buy?

Key Points

• Lucid shares rose 5.1% to $4.30 in mid-day trading, although volume was 19% below the average session level.
• Analyst sentiment remains cautious: LCID has an average rating of “Reduce,” with one Buy, eight Hold, and three Sell ratings. The average price target is $9.22, well above the current price.
• Lucid reported quarterly revenue of $405.35 million, up 56.2% year over year and above estimates, but its $2.78 per-share loss missed expectations. Institutional investors own 75.17% of the stock.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 5.1% during mid-day trading on Monday . The stock traded as high as $4.33 and last traded at $4.30. 11,022,178 shares were traded during trading, a decline of 19% from the average session volume of 13,674,580 shares. The stock had previously closed at $4.09.

Analysts Set New Price Targets

LCID has been the subject of several research analyst reports. Cantor Fitzgerald reiterated a "neutral" rating on shares of Lucid Group in a research note on Monday. William Blair cut shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Citigroup decreased their price objective on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, August 19th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Lucid Group currently has an average rating of "Reduce" and an average target price of $9.22.

Lucid Group Trading Up 5.1%

The company has a market cap of $1.69 billion, a P/E ratio of -0.31 and a beta of 0.81. The business has a fifty day simple moving average of $5.82 and a 200 day simple moving average of $6.75. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly 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). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. During the same period in the prior year, the company posted ($0.24) earnings per share. The business's revenue was up 56.2% on a year-over-year basis. Analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. 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 buying an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Lucid Group in the second quarter worth about $3,125,000. Lazard Asset Management LLC lifted its holdings 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 acquiring an additional 200,604 shares during the last quarter. Calamos Advisors LLC boosted its stake in Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock valued at $2,144,000 after acquiring an additional 75,000 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Lucid Group in the second quarter valued at approximately $1,368,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

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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