Lucid Group (NASDAQ:LCID) Shares Up 2.8% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 2.8% during trading on Friday . The stock traded as high as $25.07 and last traded at $24.77. Approximately 11,158,571 shares changed hands during trading, a decline of 4% from the average daily volume of 11,627,389 shares. The stock had previously closed at $24.10.

Analyst Ratings Changes

LCID has been the topic of several research reports. Cantor Fitzgerald boosted their price objective on shares of Lucid Group from $20.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Morgan Stanley boosted their price objective on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Lucid Group in a research note on Saturday, September 27th. Finally, Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research note on Friday, August 29th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $23.85.

Lucid Group Trading Up 2.8%

The firm has a market capitalization of $7.61 billion, a PE ratio of -2.15 and a beta of 0.81. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The stock’s fifty day simple moving average is $21.86 and its 200 day simple moving average is $23.33.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, August 5th. The company reported ($2.80) EPS for the quarter, missing analysts’ consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business had revenue of $259.43 million for the quarter, compared to analysts’ expectations of $288.10 million. During the same period in the prior year, the company posted ($2.90) earnings per share. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Marshall Wace LLP increased its holdings in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after buying an additional 12,146,136 shares during the last quarter. Norges Bank purchased a new stake in Lucid Group during the second quarter valued at approximately $16,469,000. Linden Advisors LP purchased a new stake in shares of Lucid Group in the second quarter worth $9,885,000. Marex Group plc purchased a new stake in shares of Lucid Group in the second quarter worth $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.