Lucid Group (NASDAQ:LCID) Shares Climb 4.7% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) was up 4.7% during mid-day trading on Tuesday. The company traded as high as $4.20 and last traded at $3.77. 29,752,615 shares traded hands during trading, an increase of 123% from the average session volume of 13,331,790 shares. The stock had previously closed at $3.60.

Lucid Group News Roundup

These are some of the LCID news items that stood out recently:

• Positive Sentiment: Lucid announced a $1.75 billion credit-line expansion, which may provide additional financing runway. Recent coverage also pointed to reduced cash burn and growth in the company’s service network as potential signs of progress. Lucid Group Secures $1.75 Billion Credit Line Expansion
• Neutral Sentiment: Citigroup lowered its price target from $11 to $9 but maintained a Buy rating, signaling continued optimism about potential upside alongside a more cautious valuation. Citigroup rating and price target
• Negative Sentiment: Analysts have lowered expectations: TD Cowen cut its target to $4 after citing higher-than-expected cash burn, and Cantor Fitzgerald and Robert W. Baird also lowered their targets. Such revisions reinforce concerns about Lucid’s execution and financing outlook. TD Cowen Cuts Lucid Price Target

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LCID shares. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Citigroup lowered their price target on Lucid Group from $11.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday. UBS Group reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, October 6th. Finally, TD Cowen reissued a “hold” rating and set a $4.00 price objective (down from $7.00) on shares of Lucid Group in a report on Tuesday. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $7.11.

Lucid Group Stock Down 11.2%

The firm has a fifty day simple moving average of $3.79 and a 200-day simple moving average of $6.61. The company has a market cap of $1.28 billion, a PE ratio of -0.25 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, November 9th. The company reported ($2.30) earnings per share for the quarter, missing the consensus estimate of ($2.27) by ($0.03). The firm had revenue of $350.32 million during the quarter, compared to analysts’ expectations of $395.67 million. Lucid Group had a negative net margin of 253.58% and a negative return on equity of 1,391.51%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($2.65) earnings per share. Equities research analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LCID. IFP Advisors Inc grew its position in shares of Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after acquiring an additional 3,497 shares during the last quarter. Allworth Financial LP raised its position in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after purchasing an additional 2,864 shares during the last quarter. EverSource Wealth Advisors LLC raised its position 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. Nykredit A S acquired a new stake in Lucid Group during the 2nd quarter worth $47,000. Finally, Cibc World Market Inc. acquired a new stake in Lucid Group during the 3rd quarter worth $53,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc. designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company. The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.