Lucid Group (NASDAQ:LCID) Trading 4.8% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 4.8% during mid-day trading on Friday . The stock traded as high as $6.37 and last traded at $6.34. 12,891,153 shares traded hands during trading, an increase of 17% from the average session volume of 11,042,897 shares. The stock had previously closed at $6.05.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Robert W. Baird set a $6.00 price objective on shares of Lucid Group in a report on Wednesday. Royal Bank Of Canada decreased their price objective on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Monday, April 13th. Citigroup assumed coverage on shares of Lucid Group in a report on Wednesday, March 18th. They set a “buy” rating and a $17.00 price objective on the stock. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Bank of America assumed coverage on shares of Lucid Group in a report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $10.50.

Lucid Group Price Performance

The stock’s 50-day moving average price is $8.85 and its 200 day moving average price is $11.37. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -0.48 and a beta of 0.88. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, May 5th. The company reported ($3.46) 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 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%. Lucid Group’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) earnings per share. Equities research analysts expect that Lucid Group, Inc. will post -10.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently modified their holdings of the business. Leonteq Securities AG acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $67,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $77,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $86,000. HITE Hedge Asset Management LLC acquired a new stake in shares of Lucid Group in the third quarter valued at about $212,000. Finally, Vance Wealth LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $106,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.