Lucid Group (NASDAQ:LCID) Shares Up 4.9% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) rose 4.9% during mid-day trading on Friday . The stock traded as high as $12.35 and last traded at $12.30. Approximately 7,752,991 shares were traded during trading, a decline of 32% from the average daily volume of 11,324,074 shares. The stock had previously closed at $11.72.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday. Morgan Stanley increased their price target on Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 2nd. Finally, Stifel Nicolaus lowered their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $24.04.

Lucid Group Stock Performance

The stock has a market cap of $3.99 billion, a P/E ratio of -1.15 and a beta of 0.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company has a fifty day moving average of $19.33 and a 200 day moving average of $21.80.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results 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). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. During the same period in the previous year, the business posted ($2.76) earnings per share. The business’s revenue for the quarter was up 68.3% compared to the same quarter last year. On average, equities analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC boosted its position in shares of Lucid Group by 32.0% during the 1st quarter. CWM LLC now owns 27,947 shares of the company’s stock valued at $68,000 after purchasing an additional 6,771 shares in the last quarter. Kestra Private Wealth Services LLC boosted its holdings in Lucid Group by 14.0% during the first quarter. Kestra Private Wealth Services LLC now owns 71,744 shares of the company’s stock worth $174,000 after buying an additional 8,820 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Lucid Group during the first quarter worth approximately $146,000. KLP Kapitalforvaltning AS grew its position in Lucid Group by 28.5% in the first quarter. KLP Kapitalforvaltning AS now owns 232,800 shares of the company’s stock worth $563,000 after buying an additional 51,600 shares during the last quarter. Finally, HB Wealth Management LLC bought a new position in shares of Lucid Group in the first quarter valued at $25,000. 75.17% of the stock is currently owned by institutional investors.

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.