Lucid Group (NASDAQ:LCID) Shares Up 2.8% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price 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 were traded 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

Several equities research analysts have commented on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Price Performance

The company’s 50-day simple moving average is $2.67 and its 200 day simple moving average is $3.05. The company has a market capitalization of $8.66 billion, a P/E ratio of -2.14 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. During the same period in the previous year, the business posted ($0.28) earnings per share. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by company insiders.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new stake in Lucid Group in the 2nd quarter worth $26,000. Frank Rimerman Advisors LLC lifted its holdings in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the period. Wedge Capital Management L L P NC bought a new position in shares of Lucid Group during the 4th quarter worth about $33,000. Foster Group Inc. bought a new position in shares of Lucid Group during the 4th quarter worth about $33,000. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter worth about $34,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.