Lucid Group (NASDAQ:LCID) Trading 3.6% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 3.6% during trading on Tuesday . The company traded as high as $13.20 and last traded at $13.13. 6,813,710 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 11,285,577 shares. The stock had previously closed at $12.67.

Analyst Ratings Changes

Several research firms have issued reports on LCID. Morgan Stanley upped their target price on shares of Lucid Group to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 2nd. Stifel Nicolaus lowered their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Stock Up 3.6%

The company has a market cap of $4.26 billion, a price-to-earnings ratio of -1.23 and a beta of 0.80. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The business has a 50-day simple moving average of $19.18 and a 200-day simple moving average of $21.73.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. Lucid Group’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.76) EPS. On average, equities analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Valeo Financial Advisors LLC raised its position in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in Lucid Group by 27.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock worth $44,000 after purchasing an additional 3,882 shares in the last quarter. Amalgamated Bank grew its stake in Lucid Group by 9.3% during the second quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after buying an additional 4,720 shares in the last quarter. Heritage Wealth Advisors grew its position in Lucid Group by 43.5% in the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock valued at $35,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 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.