Lucid Group (NASDAQ:LCID) Trading 1.2% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 1.2% on Wednesday . The stock traded as high as $5.78 and last traded at $5.68. 10,735,025 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 11,477,342 shares. The stock had previously closed at $5.61.

Analyst Ratings Changes

Several analysts have weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Citigroup reissued a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Robert W. Baird set a $6.00 target price on Lucid Group in a report on Wednesday, May 6th. Royal Bank Of Canada lowered their target price on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Monday, April 13th. Finally, Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $9.67.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The company has a 50-day moving average price of $8.02 and a 200-day moving average price of $10.49. The firm has a market capitalization of $2.28 billion, a PE ratio of -0.44 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company had revenue of $282.47 million during the quarter, compared to analysts’ expectations of $358.46 million. During the same quarter in the prior year, the company earned ($0.20) earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that Lucid Group, Inc. will post -10.75 EPS for the current year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jain Global LLC lifted its position in shares of Lucid Group by 13.3% in the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after acquiring an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after buying an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after buying an additional 1,430 shares during the period. SBI Securities Co. Ltd. lifted its position in Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after buying an additional 1,569 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Lucid Group by 16.0% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after buying an additional 1,604 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.