Lucid Group (NASDAQ:LCID) Stock Price Up 2.8% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 2.8% during trading on Friday . The stock traded as high as $2.84 and last traded at $2.80. 19,397,420 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 81,508,547 shares. The stock had previously closed at $2.72.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LCID. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research report on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Royal Bank of Canada decreased their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Price Performance

The stock’s 50 day simple moving average is $2.69 and its 200-day simple moving average is $3.05. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of -2.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Lucid Group (NASDAQ:LCID) last released its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $200.04 million during the quarter, compared to analyst estimates of $199.50 million. During the same period in the previous year, the company earned ($0.28) earnings per share. Equities research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 61.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its position in Lucid Group by 12.5% during the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Lucid Group during the 2nd quarter worth approximately $69,000. Canada Pension Plan Investment Board increased its holdings in shares of Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after purchasing an additional 238,628 shares in the last quarter. Xponance Inc. lifted its stake in shares of Lucid Group by 20.8% in the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock valued at $83,000 after purchasing an additional 5,493 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Lucid Group by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 257,027 shares of the company’s stock worth $671,000 after buying an additional 7,536 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.