Lucid Group (NASDAQ:LCID) Shares Up 0.9% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 0.9% during trading on Friday . The stock traded as high as $2.26 and last traded at $2.23. Approximately 10,344,705 shares were traded during trading, a decline of 70% from the average daily volume of 34,124,086 shares. The stock had previously closed at $2.21.

Analyst Ratings Changes

A number of analysts have weighed in on LCID shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.54.

Lucid Group Price Performance

The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -1.82 and a beta of 1.04. The company’s 50 day moving average is $3.34 and its 200 day moving average is $3.09. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. Lucid Group’s revenue was up 32.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) earnings per share. Research analysts forecast that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Several large investors have recently modified their holdings of the business. Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the 3rd quarter worth approximately $38,000. Latko Wealth Management Ltd. acquired a new position in shares of Lucid Group in the third quarter worth $39,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Lucid Group in the third quarter valued at $192,000. Ballentine Partners LLC boosted its stake in shares of Lucid Group by 67.3% during the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock valued at $119,000 after acquiring an additional 13,554 shares during the last quarter. Finally, Brighton Jones LLC purchased a new stake in Lucid Group during the 3rd quarter worth about $56,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.