Lucid Group (NASDAQ:LCID) Shares Up 4.4% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 4.4% during mid-day trading on Tuesday. The stock traded as high as $4.08 and last traded at $4.07. 9,951,904 shares were traded during trading, a decline of 27% from the average daily volume of 13,543,011 shares. The stock had previously closed at $3.90.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Citigroup dropped their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $9.22.

Lucid Group Trading Up 4.4%

The firm has a market capitalization of $1.60 billion, a P/E ratio of -0.30 and a beta of 0.81. The stock has a 50-day simple moving average of $5.58 and a two-hundred day simple moving average of $6.50. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million for 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 firm’s revenue was up 56.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.24) earnings per share. On average, equities research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. HBK Investments L P lifted its position in Lucid Group by 217.9% during the second quarter. HBK Investments L P now owns 33,070 shares of the company’s stock valued at $221,000 after acquiring an additional 22,667 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock valued at $217,000 after purchasing an additional 8,347 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Lucid Group in the second quarter worth about $694,000. Integrated Wealth Concepts LLC acquired a new position in shares of Lucid Group during the 2nd quarter worth about $129,000. Finally, IFP Advisors Inc raised its holdings in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after acquiring an additional 3,497 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.