Lucid Group (NASDAQ:LCID) Shares Up 1.5% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 1.5% during mid-day trading on Monday . The company traded as high as $6.95 and last traded at $6.65. 13,080,971 shares were traded during trading, an increase of 12% from the average session volume of 11,644,558 shares. The stock had previously closed at $6.55.

More Lucid Group News

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

• Positive Sentiment: Lucid completed its leadership transition and named Silvio Napoli as permanent CEO, which could help bring stability and clearer execution at the top. Article Title
• Neutral Sentiment: The CEO appointment may be viewed as a routine governance update rather than a major business catalyst on its own. Article Title
• Neutral Sentiment: Analysts now have a consensus “Reduce” rating on Lucid, reinforcing skepticism about the company’s near-term outlook. Article Title
• Negative Sentiment: Multiple law firms have announced securities-fraud investigations and class-action efforts tied to Lucid, alleging misleading disclosures and operational issues, including supplier-quality problems that may have hurt deliveries of the Gravity SUV. Article Title
• Negative Sentiment: Ongoing investor-alert and deadline notices around the class action may keep legal overhang front and center for shareholders. Article Title

Analyst Upgrades and Downgrades

LCID has been the subject of a number of recent analyst reports. Morgan Stanley set a $5.00 price target on Lucid Group in a research note on Wednesday, May 6th. Evercore set a $6.00 price objective on shares of Lucid Group in a report on Monday, May 11th. Bank of America assumed coverage on shares of Lucid Group in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 target price for the company. Royal Bank Of Canada cut their target price on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Monday, April 13th. Finally, TD Cowen lowered their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Price Performance

The company has a 50-day moving average of $7.47 and a 200-day moving average of $9.95. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -0.47 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($2.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.29). The company had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.20) EPS. As a group, research analysts anticipate that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Lucid Group in the second quarter valued at about $41,000. Worldquant Millennium Advisors LLC acquired a new position in shares of Lucid Group during the second quarter worth about $59,000. Finally, Leonteq Securities AG acquired a new position in shares of Lucid Group during the fourth quarter worth about $67,000. 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.