Lucid Group (NASDAQ:LCID) Stock Price Up 6.4% – Should You Buy?

by · The Cerbat Gem

Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) shares were up 6.4% during mid-day trading on Monday . The company traded as high as $10.49 and last traded at $10.40. Approximately 7,243,605 shares were traded during mid-day trading, a decline of 5% from the average daily volume of 7,598,954 shares. The stock had previously closed at $9.77.

Trending Headlines about Lucid Group

Here are the key news stories impacting Lucid Group this week:

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $10.00 price target on shares of Lucid Group in a research report on Wednesday, February 25th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Bank of America started coverage on Lucid Group in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus target price of $12.50.

View Our Latest Report on LCID

Lucid Group Stock Performance

The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of -0.88 and a beta of 1.12. The stock’s 50 day moving average is $10.50 and its 200 day moving average is $14.98. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCIDGet Free Report) last posted its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing the consensus estimate of ($2.49) by ($0.59). The business had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The business’s revenue was up 122.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.22) earnings per share. On average, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LCID. Valeo Financial Advisors LLC lifted its stake in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares in the last quarter. Kingsview Wealth Management LLC purchased a new position in Lucid Group during the second quarter worth $30,000. Brown Advisory Inc. increased its position in Lucid Group by 47.5% during the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after buying an additional 5,000 shares in the last quarter. Keynote Financial Services LLC acquired a new position in shares of Lucid Group in the second quarter worth $35,000. Finally, Heritage Wealth Advisors raised its holdings in shares of Lucid Group by 43.5% in the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

(Get Free Report)

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.

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