Lucid Group (NASDAQ:LCID) Shares Up 5.1% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 5.1% during trading on Monday . The stock traded as high as $4.33 and last traded at $4.30. Approximately 11,022,178 shares were traded during trading, a decline of 19% from the average daily volume of 13,674,580 shares. The stock had previously closed at $4.09.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday. William Blair downgraded Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday. Finally, Citigroup reduced their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Price Performance

The firm has a market capitalization of $1.64 billion, a P/E ratio of -0.30 and a beta of 0.81. The business has a fifty day moving average of $5.79 and a 200-day moving average of $6.67. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate 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 business had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. The firm’s revenue was up 56.2% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. HBK Investments L P lifted its holdings in Lucid Group by 217.9% in the second quarter. HBK Investments L P now owns 33,070 shares of the company’s stock worth $221,000 after purchasing an additional 22,667 shares during the period. Tidal Investments LLC lifted its stake in shares of Lucid Group by 34.6% in the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock worth $217,000 after acquiring an additional 8,347 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Lucid Group in the 2nd quarter worth approximately $694,000. Integrated Wealth Concepts LLC bought a new position in shares of Lucid Group in the second quarter valued at approximately $129,000. Finally, IFP Advisors Inc boosted its holdings in shares of Lucid Group by 1,231.3% in the second 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 in the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.