Lucid Group (NASDAQ:LCID) Shares Up 15.1% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 15.1% during mid-day trading on Wednesday. The stock traded as high as $3.44 and last traded at $3.4750. Approximately 3,285,717 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 13,144,017 shares. The stock had previously closed at $3.02.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada decreased their price objective on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a report on Monday, October 12th. Citigroup dropped their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. William Blair downgraded Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. UBS Group restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $8.67.

Lucid Group Price Performance

The stock has a 50-day moving average of $3.97 and a 200 day moving average of $6.83. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -0.25 and a beta of 0.80.

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 analysts’ consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same quarter last year, the business posted ($0.24) EPS. Lucid Group’s quarterly revenue was up 56.2% on a year-over-year basis. Sell-side analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC lifted its stake in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after purchasing an additional 2,740 shares during the last quarter. IFP Advisors Inc raised its position 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 acquiring an additional 3,497 shares in the last quarter. Allworth Financial LP lifted its stake in Lucid Group by 249.9% in the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after buying an additional 2,864 shares during the period. Nykredit A S acquired a new position in Lucid Group in the second quarter valued at approximately $47,000. Finally, Meeder Advisory Services Inc. acquired a new position in Lucid Group in the first quarter valued at approximately $98,000. Institutional investors own 75.17% of the company’s stock.

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.