Lucid Group (NASDAQ:LCID) Stock Price Up 14% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 14% during trading on Friday . The stock traded as high as $10.94 and last traded at $10.86. 10,869,739 shares were traded during trading, an increase of 31% from the average session volume of 8,310,890 shares. The stock had previously closed at $9.53.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LCID shares. Robert W. Baird set a $14.00 price target on Lucid Group in a report on Tuesday, January 6th. Royal Bank Of Canada reduced their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Stock Performance

The company has a market cap of $3.52 billion, a P/E ratio of -1.01 and a beta of 1.16. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The business has a fifty day simple moving average of $11.49 and a two-hundred day simple moving average of $17.36.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. During the same quarter in the prior year, the firm earned ($2.76) earnings per share. The company’s revenue for the quarter was up 68.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FourThought Financial Partners LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at $208,000. Leonteq Securities AG purchased a new position in Lucid Group during the fourth quarter valued at $67,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Lucid Group by 58.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 111,994 shares of the company’s stock valued at $1,249,000 after purchasing an additional 41,192 shares during the period. SBI Securities Co. Ltd. grew its holdings in Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after purchasing an additional 1,569 shares during the period. Finally, Wealthfront Advisers LLC increased its position in Lucid Group by 26.7% in the fourth quarter. Wealthfront Advisers LLC now owns 34,200 shares of the company’s stock worth $361,000 after buying an additional 7,206 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.