Lucid Group (NASDAQ:LCID) Stock Price Up 2.1% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 2.1% during mid-day trading on Thursday . The stock traded as high as $2.77 and last traded at $2.73. Approximately 16,555,775 shares were traded during trading, a decline of 79% from the average daily volume of 80,275,781 shares. The stock had previously closed at $2.67.

Analyst Ratings Changes

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

Lucid Group Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market cap of $8.31 billion, a PE ratio of -2.06 and a beta of 0.94. The company’s 50 day moving average price is $2.75 and its 200 day moving average price is $3.02.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The business had revenue of $200.04 million during the quarter, compared to analyst estimates of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same quarter last year, the firm earned ($0.28) EPS. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund grew its position in shares of Lucid Group by 5.7% during the fourth quarter. New York State Common Retirement Fund now owns 517,238 shares of the company’s stock worth $1,562,000 after buying an additional 28,000 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Lucid Group by 9.8% in the fourth quarter. CIBC Asset Management Inc now owns 83,921 shares of the company’s stock worth $253,000 after acquiring an additional 7,475 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Lucid Group by 114.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock worth $3,019,000 after acquiring an additional 533,973 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Lucid Group by 87.9% in the 4th quarter. Vontobel Holding Ltd. now owns 242,579 shares of the company’s stock valued at $733,000 after purchasing an additional 113,477 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Lucid Group by 103.3% in the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock valued at $3,764,000 after purchasing an additional 633,410 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.