Lucid Group (NASDAQ:LCID) Shares Up 1.2% – Should You Buy?

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

Analysts Set New Price Targets

LCID has been the topic of several recent research reports. Morgan Stanley set a $5.00 price objective on Lucid Group in a research report on Wednesday, May 6th. Royal Bank Of Canada reduced their price objective on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research report on Monday, April 13th. Bank of America initiated coverage on Lucid Group in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $14.00 price objective on shares of Lucid Group in a research report on Monday, May 4th. Finally, Evercore set a $6.00 price objective on Lucid Group in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Price Performance

The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -0.43 and a beta of 0.88. The company has a 50 day moving average of $8.20 and a 200 day moving average of $10.65. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, May 5th. The company reported ($3.46) EPS for the quarter, missing the consensus estimate 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%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.20) earnings per share. As a group, equities research analysts forecast that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew 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 valued at $28,000 after acquiring an additional 2,740 shares during the period. Leonteq Securities AG purchased a new stake in Lucid Group during the fourth quarter valued at about $67,000. Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group during the fourth quarter valued at about $77,000. Eurizon Capital SGR S.p.A. purchased a new stake in Lucid Group during the fourth quarter valued at about $86,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in Lucid Group during the third quarter valued at about $212,000. 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.