Lucid Group (NASDAQ:LCID) Shares Up 1.8% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 1.8% on Friday . The company traded as high as $2.36 and last traded at $2.26. 31,386,943 shares changed hands during trading, a decline of 10% from the average session volume of 34,922,746 shares. The stock had previously closed at $2.22.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LCID. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reissued a "sector perform" rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday. Robert W. Baird restated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $3.54.

Lucid Group Stock Performance

The firm has a fifty day moving average price of $3.20 and a 200 day moving average price of $3.08. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The stock has a market cap of $5.17 billion, a PE ratio of -1.87 and a beta of 1.11.

Lucid Group (NASDAQ:LCID - Get Free Report) 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). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million during the quarter, compared to analysts' expectations of $190.30 million. During the same period in the prior year, the business posted ($0.40) EPS. The company's quarterly revenue was up 32.9% on a year-over-year basis. Research analysts forecast that Lucid Group, Inc. will post -1.22 earnings per share for the current fiscal year.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the company's stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This trade represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This trade represents a -100.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Bach sold 89,959 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 61.26% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company's stock valued at $6,951,000 after acquiring an additional 732,463 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock valued at $7,000,000 after acquiring an additional 581,082 shares in the last quarter. Vanguard Group Inc. raised its holdings in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company's stock valued at $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company's stock worth $1,493,000 after purchasing an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Lucid Group by 226.4% in the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company's stock valued at $1,238,000 after purchasing an additional 301,349 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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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