Lucid Group (NASDAQ:LCID) Trading 3.5% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 3.5% during mid-day trading on Wednesday . The stock traded as high as $4.82 and last traded at $4.71. 9,184,062 shares were traded during mid-day trading, a decline of 33% from the average session volume of 13,774,765 shares. The stock had previously closed at $4.55.

Analysts Set New Price Targets

LCID has been the topic of several research reports. William Blair downgraded shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Evercore set a $6.00 price objective on Lucid Group in a research note on Monday, May 11th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and an average target price of $9.22.

Lucid Group Stock Performance

The business’s 50-day simple moving average is $6.23 and its two-hundred day simple moving average is $7.19. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -0.34 and a beta of 0.81. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

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

Institutional Trading of Lucid Group

Several institutional investors have recently bought and sold shares of LCID. Bank of America Corp DE lifted its position in shares of Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after purchasing an additional 200,604 shares in the last quarter. Vanguard Group Inc. raised its stake in Lucid Group by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after purchasing an additional 701,826 shares during the last quarter. Virtu Financial LLC acquired a new position in Lucid Group in the 4th quarter valued at $1,355,000. Finally, Edgestream Partners L.P. purchased a new position in Lucid Group in the 1st quarter valued at $976,000. 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.