Lucid Group (NASDAQ:LCID) Stock Price Up 3% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 3% on Monday . The stock traded as high as $12.70 and last traded at $12.67. Approximately 6,828,608 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 11,304,254 shares. The stock had previously closed at $12.30.

Analyst Ratings Changes

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

Lucid Group Trading Up 3.0%

The stock’s fifty day moving average price is $19.18 and its 200 day moving average price is $21.73. The stock has a market cap of $4.11 billion, a P/E ratio of -1.18 and a beta of 0.80. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

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 the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million during the quarter, compared to the consensus estimate of $378.44 million. During the same quarter in the previous year, the business earned ($2.76) earnings per share. The firm’s revenue was up 68.3% compared to the same quarter last year. Equities research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Uber Technologies Inc purchased a new position in Lucid Group during the third quarter valued at $326,283,000. Marshall Wace LLP increased its holdings in shares of 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 acquiring an additional 12,146,136 shares in the last quarter. Norges Bank purchased a new position in shares of Lucid Group in the 2nd quarter worth about $16,469,000. Linden Advisors LP bought a new position in Lucid Group in the 2nd quarter worth about $9,885,000. Finally, Marex Group plc bought a new position in Lucid Group in the 2nd quarter worth about $7,613,000. Hedge funds and other institutional investors 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.