Lucid Group (NASDAQ:LCID) Stock Price Up 1.2% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.2% during trading on Friday . The stock traded as high as $2.19 and last traded at $2.16. 40,898,045 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 75,191,369 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of recent research reports. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Robert W. Baird upped their target price on Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a report on Monday, April 21st. TD Cowen assumed coverage on Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective for the company. Finally, Stifel Nicolaus lowered their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.68.

Lucid Group Stock Performance

The company has a fifty day moving average of $2.46 and a two-hundred day moving average of $2.59. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of -1.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm’s quarterly revenue was up 36.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.27) EPS. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Public Investment Fund grew its holdings in shares of Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. grew its stake in Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP increased its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares during the period. Renaissance Technologies LLC raised its position in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $34,123,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.