Lucid Group (NASDAQ:LCID) Stock Price Up 5.1% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 5.1% during trading on Friday . The company traded as high as $2.23 and last traded at $2.16. Approximately 211,394,699 shares changed hands during mid-day trading, an increase of 151% from the average daily volume of 84,058,531 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Robert W. Baird increased their target price on Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a report on Monday, April 21st. Finally, Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus target price of $2.68.

Lucid Group Trading Up 5.1%

The company has a quick ratio of 2.97, a current ratio of 3.32 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $6.57 billion, a P/E ratio of -1.78 and a beta of 0.78. The firm’s 50 day simple moving average is $2.36 and its two-hundred day simple moving average is $2.57.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The company’s revenue was up 36.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.27) earnings per share. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Bank of New York Mellon Corp boosted its stake in Lucid Group by 3.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company’s stock valued at $8,935,000 after acquiring an additional 85,370 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at approximately $31,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company’s stock valued at $19,919,000 after buying an additional 1,499,034 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Lucid Group by 31.6% during the 4th quarter. Victory Capital Management Inc. now owns 144,451 shares of the company’s stock valued at $436,000 after buying an additional 34,705 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Lucid Group by 1.9% during the 4th quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock valued at $818,000 after buying an additional 5,022 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.