Lucid Group (NASDAQ:LCID) Stock Price Up 2.8% – Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 2.8% during trading on Thursday . The stock traded as high as $5.91 and last traded at $5.84. Approximately 14,513,313 shares were traded during trading, an increase of 26% from the average daily volume of 11,498,568 shares. The stock had previously closed at $5.68.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LCID. Robert W. Baird set a $6.00 price objective on Lucid Group in a 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 for the company in a report on Monday, April 13th. Citigroup restated a “buy” rating and issued a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $9.67.

Lucid Group Stock Up 2.8%

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The stock has a market cap of $2.28 billion, a P/E ratio of -0.44 and a beta of 0.88. The stock’s fifty day simple moving average is $8.11 and its 200-day simple moving average is $10.57.

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 the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.20) EPS. As a group, research analysts forecast that Lucid Group, Inc. will post -10.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently made changes to their positions in LCID. Essential Partners LLC bought a new stake in shares of Lucid Group during the 1st quarter valued at $126,000. J. Derek Lewis & Associates Inc. lifted its position in Lucid Group by 32.8% during the first quarter. J. Derek Lewis & Associates Inc. now owns 19,820 shares of the company’s stock worth $189,000 after purchasing an additional 4,896 shares during the period. Bank of America Corp DE lifted its position in Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after purchasing an additional 189,134 shares during the period. Edgestream Partners L.P. bought a new stake in Lucid Group during the first quarter worth about $976,000. Finally, Janus Henderson Group PLC lifted its position in Lucid Group by 28.0% during the first quarter. Janus Henderson Group PLC now owns 67,686 shares of the company’s stock worth $646,000 after purchasing an additional 14,816 shares during the period. 75.17% of the stock is currently owned by 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.