Lucid Group (NASDAQ:LCID) Trading Up 4.9% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 4.9% on Wednesday . The stock traded as high as $6.35 and last traded at $6.26. Approximately 15,253,258 shares were traded during mid-day trading, an increase of 32% from the average daily volume of 11,550,426 shares. The stock had previously closed at $5.97.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LCID. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Robert W. Baird set a $6.00 target price on shares of Lucid Group in a research note on Wednesday, May 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Lucid Group in a research note on Monday, May 4th. Evercore set a $6.00 target price on shares of Lucid Group in a research note on Monday, May 11th. Finally, Benchmark lowered shares of Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $9.67.

Lucid Group Stock Up 1.4%

The firm’s 50 day moving average is $7.61 and its two-hundred day moving average is $10.10. The firm has a market cap of $2.56 billion, a P/E ratio of -0.50 and a beta of 0.88. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). The business had revenue of $282.47 million during the quarter, compared to analyst estimates of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. Lucid Group’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.20) earnings per share. As a group, research analysts anticipate that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares during the period. Brown Advisory Inc. boosted its position in Lucid Group by 47.5% during the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after purchasing an additional 5,000 shares during the period. Jump Financial LLC bought a new position in Lucid Group during the second quarter worth $41,000. Worldquant Millennium Advisors LLC bought a new position in Lucid Group during the second quarter worth $59,000. Finally, Leonteq Securities AG bought a new position in Lucid Group during the fourth quarter worth $67,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.