Lucid Group (NASDAQ:LCID) Stock Price Up 14% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 14% during mid-day trading on Friday . The company traded as high as $10.94 and last traded at $10.86. Approximately 10,869,739 shares traded hands during trading, an increase of 31% from the average daily volume of 8,310,890 shares. The stock had previously closed at $9.53.

Analysts Set New Price Targets

LCID has been the topic of a number of recent analyst reports. Stifel Nicolaus decreased their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a report on Tuesday, January 6th. Finally, Cantor Fitzgerald reissued 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, five have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Up 14.0%

The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.52 billion, a PE ratio of -1.01 and a beta of 1.16. The company’s 50 day moving average is $11.49 and its two-hundred day moving average is $17.36.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS 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 the consensus estimate of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The firm’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same period last year, the company earned ($2.76) EPS. On average, analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL purchased a new stake in shares of Lucid Group during the 3rd quarter valued at about $1,361,978,000. Uber Technologies Inc purchased a new position in Lucid Group in the third quarter worth about $326,283,000. Marshall Wace LLP increased its stake in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Norges Bank purchased a new stake in Lucid Group during the second quarter valued at approximately $16,469,000. Finally, Linden Advisors LP purchased a new stake in Lucid Group during the second quarter valued at approximately $9,885,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.