Lucid Group (NASDAQ:LCID) Stock Jumps 6.4% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) traded up 6.4% during trading on Thursday. The company traded as high as $3.50 and last traded at $3.50. 9,632,540 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 13,340,833 shares. The stock had previously closed at $3.29.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on LCID shares. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday. Royal Bank Of Canada cut their price target 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. Morgan Stanley decreased their price objective on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Citigroup lowered their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus price target of $8.67.

Lucid Group Price Performance

The business’s 50 day moving average price is $4.77 and its 200 day moving average price is $5.97. The stock has a market capitalization of $1.38 billion, a P/E ratio of -0.26 and a beta of 1.00.

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). The company had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The company’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same period last year, the firm posted ($0.24) EPS. As a group, analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its stake in shares of Lucid Group by 10.9% during 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 during the period. Bank of New York Mellon Corp bought a new stake in Lucid Group during the second quarter valued at approximately $3,125,000. Lazard Asset Management LLC grew its position in Lucid Group by 192.6% during 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 increased its holdings in Lucid Group by 50.0% during 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 last quarter. Finally, Headlands Technologies LLC bought a new position in Lucid Group in the second quarter worth approximately $1,368,000. 75.17% of the stock is 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.