Lucid Group (NASDAQ:LCID) Stock Jumps 5.5% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 5.5% during mid-day trading on Tuesday. The stock traded as high as $3.30 and last traded at $3.27. Approximately 24,260,038 shares traded hands during trading, an increase of 82% from the average daily volume of 13,330,738 shares. The stock had previously closed at $3.10.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LCID. William Blair cut shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. UBS Group reaffirmed a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. Finally, Royal Bank Of Canada decreased their price objective on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $8.67.

Lucid Group Stock Performance

The firm has a fifty day simple moving average of $4.55 and a 200 day simple moving average of $5.84. The company has a market cap of $1.29 billion, a PE ratio of -0.24 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The company had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same period in the prior year, the business posted ($0.24) earnings per share. Lucid Group’s revenue was up 56.2% on a year-over-year basis. As a group, equities analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Lucid Group during the 2nd quarter worth approximately $3,125,000. Lazard Asset Management LLC raised its holdings in Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after buying an additional 200,604 shares during the period. Calamos Advisors LLC raised its holdings in Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock valued at $2,144,000 after buying an additional 75,000 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Lucid Group during the second quarter valued at approximately $1,368,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.