Lucid Group (NASDAQ:LCID) Shares Up 0.9% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 0.9% during mid-day trading on Friday . The stock traded as high as $2.26 and last traded at $2.23. Approximately 10,344,705 shares were traded during trading, a decline of 70% from the average daily volume of 34,124,086 shares. The stock had previously closed at $2.21.

Analyst Ratings Changes

A number of equities research analysts recently commented on LCID shares. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.54.

Lucid Group Stock Performance

The stock’s 50 day simple moving average is $3.38 and its 200 day simple moving average is $3.09. The firm has a market cap of $5.10 billion, a PE ratio of -1.84 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same period in the prior year, the company earned ($0.40) EPS. The firm’s revenue was up 32.9% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Latko Wealth Management Ltd. purchased a new position in Lucid Group in the 3rd quarter worth approximately $39,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Lucid Group in the third quarter worth $192,000. Ballentine Partners LLC raised its holdings in Lucid Group by 67.3% during the 3rd quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock valued at $119,000 after buying an additional 13,554 shares during the last quarter. Brighton Jones LLC purchased a new stake in Lucid Group during the 3rd quarter valued at $56,000. Finally, Greenleaf Trust raised its stake in shares of Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after acquiring an additional 4,604 shares during the last quarter. 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.