Lucid Group (NASDAQ:LCID) Trading 3.3% Higher – Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 3.3% on Tuesday . The stock traded as high as $5.40 and last traded at $5.26. Approximately 9,050,127 shares changed hands during trading, a decline of 34% from the average daily volume of 13,746,278 shares. The stock had previously closed at $5.09.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Morgan Stanley set a $5.00 target price on Lucid Group in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. TD Cowen lowered their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. Finally, William Blair lowered shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average target price of $9.22.

Lucid Group Stock Performance

The stock has a market capitalization of $2.07 billion, a P/E ratio of -0.38 and a beta of 0.83. The stock has a 50 day simple moving average of $6.28 and a two-hundred day simple moving average of $7.50. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The company 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 company’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.24) EPS. On average, equities analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC lifted its stake in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC grew its holdings in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares during the period. 75.17% of the stock is owned by institutional investors.

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.