Lucid Group (NASDAQ:LCID) Trading Up 2.9% – Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 2.9% during mid-day trading on Thursday . The company traded as high as $11.98 and last traded at $11.45. Approximately 7,414,503 shares changed hands during trading, a decline of 33% from the average daily volume of 11,018,172 shares. The stock had previously closed at $11.13.

Analyst Ratings Changes

Several research firms have issued reports on LCID. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Stifel Nicolaus lowered their price target 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. Finally, Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $21.54.

Lucid Group Stock Up 2.9%

The stock’s fifty day moving average price is $15.83 and its 200 day moving average price is $20.16. The stock has a market cap of $3.71 billion, a P/E ratio of -1.07 and a beta of 0.86. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business’s revenue was up 68.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.76) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. HITE Hedge Asset Management LLC purchased a new position in shares of Lucid Group during the third quarter worth approximately $212,000. Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group during the 3rd quarter valued at $238,000. Integrity Alliance LLC. purchased a new position in Lucid Group in the 1st quarter worth $27,000. Sapient Capital LLC bought a new stake in Lucid Group in the third quarter worth $287,000. Finally, Valeo Financial Advisors LLC boosted its position in Lucid Group by 9.7% during the second 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 during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.