Lucid Group (NASDAQ:LCID) Stock Price Up 2.4% – Time to Buy?

by · The Markets Daily

Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shot up 2.4% on Tuesday . The company traded as high as $13.15 and last traded at $12.88. 7,162,444 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 11,194,818 shares. The stock had previously closed at $12.58.

Analysts Set New Price Targets

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

Get Our Latest Research Report on LCID

Lucid Group Stock Up 2.4%

The company has a market capitalization of $4.18 billion, a PE ratio of -1.20 and a beta of 0.87. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The firm has a 50 day simple moving average of $18.42 and a two-hundred day simple moving average of $21.35.

Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.76) earnings per share. Research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Swiss National Bank lifted its holdings in shares of Lucid Group by 26.9% in the 1st quarter. Swiss National Bank now owns 2,334,000 shares of the company’s stock valued at $5,648,000 after buying an additional 495,000 shares during the period. Vanguard Group Inc. raised its position in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after acquiring an additional 615,108 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Lucid Group by 11.1% in the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock valued at $719,000 after acquiring an additional 34,116 shares during the period. Highbridge Capital Management LLC purchased a new stake in shares of Lucid Group during the 2nd quarter worth $3,245,000. Finally, HBK Investments L P purchased a new stake in shares of Lucid Group during the 2nd quarter worth $2,658,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

(Get Free Report)

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.

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