Lucid Group (NASDAQ:LCID) Stock Price Up 3% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 3% on Wednesday. The company traded as high as $3.42 and last traded at $3.41. 8,477,320 shares traded hands during trading, a decline of 36% from the average daily volume of 13,237,425 shares. The stock had previously closed at $3.31.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LCID. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Morgan Stanley decreased their target price on Lucid Group from $5.00 to $3.00 and set an “underweight” rating on the stock in a research note on Thursday, October 15th. Royal Bank Of Canada decreased their target price on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Monday, October 12th. Citigroup lowered their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Finally, Weiss Ratings restated a “sell (e+)” 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, nine have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Trading Down 5.6%

The firm’s 50 day simple moving average is $4.11 and its 200 day simple moving average is $6.95. The firm has a market cap of $1.19 billion, a PE ratio of -0.22 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share 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 firm had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter in the previous year, the business earned ($0.24) EPS. The company’s revenue for the quarter was up 56.2% on a year-over-year basis. As a group, equities research analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds have recently modified their holdings of the company. IFP Advisors Inc grew its stake in shares of Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after buying an additional 3,497 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after buying an additional 2,864 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after buying an additional 2,740 shares in the last quarter. Nykredit A S purchased a new stake in shares of Lucid Group during the 2nd quarter valued at about $47,000. Finally, CX Institutional raised its position in shares of Lucid Group by 69.6% during the 2nd quarter. CX Institutional now owns 13,207 shares of the company’s stock valued at $88,000 after buying an additional 5,422 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.