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

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

Analysts Set New Price Targets

Several brokerages have recently commented on LCID. Royal Bank Of Canada lowered their price objective on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, October 12th. William Blair cut Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Citigroup lowered their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Finally, Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Lucid Group has an average rating of “Reduce” and an average target price of $8.67.

Lucid Group Stock Up 11.3%

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

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

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC increased its position in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after buying an additional 2,740 shares during the period. IFP Advisors Inc boosted its position 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 during the period. Allworth Financial LP boosted its position in shares of 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 acquiring an additional 2,864 shares during the period. Nykredit A S purchased a new position in Lucid Group during the second quarter valued at approximately $47,000. Finally, Meeder Advisory Services Inc. purchased a new position in Lucid Group during the first quarter valued at approximately $98,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

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.