Lucid Group (NASDAQ:LCID) Stock Price Up 4.3% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) rose 4.3% during mid-day trading on Wednesday . The company traded as high as $13.33 and last traded at $12.98. Approximately 8,210,580 shares were traded during trading, a decline of 26% from the average daily volume of 11,130,820 shares. The stock had previously closed at $12.45.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of recent research reports. Stifel Nicolaus cut their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday. Finally, Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a report on Monday. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Stock Performance

The company has a market capitalization of $4.20 billion, a PE ratio of -1.21 and a beta of 0.86. 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 business’s fifty day moving average is $17.21 and its two-hundred day moving average is $20.75.

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

Institutional Investors Weigh In On Lucid Group

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