Lucid Group (NASDAQ:LCID) Stock Price Up 6.4% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 6.4% on Monday . The stock traded as high as $10.49 and last traded at $10.40. Approximately 7,243,605 shares changed hands during trading, a decline of 5% from the average daily volume of 7,598,954 shares. The stock had previously closed at $9.77.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on LCID shares. Benchmark reiterated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Finally, Cantor Fitzgerald lowered their target price on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $12.50.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The stock has a market capitalization of $3.41 billion, a PE ratio of -0.86 and a beta of 1.12. The company has a 50-day moving average of $10.53 and a two-hundred day moving average of $15.14.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). The firm had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative return on equity of 138.82% and a negative net margin of 207.87%.The firm’s revenue for the quarter was up 122.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.22) EPS. Sell-side analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LCID. Corient Private Wealth LLC acquired a new position in shares of Lucid Group during the 4th quarter valued at $118,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Lucid Group during the 4th quarter worth $77,000. Alpine Global Management LLC increased its position in shares of Lucid Group by 561.7% in the fourth quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock worth $171,000 after acquiring an additional 19,660 shares in the last quarter. Virtu Financial LLC acquired a new stake in Lucid Group during the 4th quarter valued at $1,355,000. Finally, Invesco Ltd. lifted its holdings in shares of Lucid Group by 61.6% in the fourth quarter. Invesco Ltd. now owns 499,053 shares of the company’s stock valued at $5,275,000 after purchasing an additional 190,193 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.