Lucid Group (NASDAQ:LCID) Trading 1.9% Higher - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was up 1.9% during mid-day trading on Wednesday . The stock traded as high as $3.02 and last traded at $2.99. Approximately 23,149,063 shares were traded during trading, a decline of 71% from the average daily volume of 79,613,000 shares. The stock had previously closed at $2.93.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of "Hold" and an average price target of $3.04.

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Lucid Group Stock Down 2.1 %

The business's 50 day simple moving average is $2.82 and its 200 day simple moving average is $2.99. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $8.52 billion, a PE ratio of -2.11 and a beta of 0.93.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The company had revenue of $200.04 million for the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same period in the previous year, the firm earned ($0.28) earnings per share. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group during the 2nd quarter worth about $26,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $28,000. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $31,000. First National Corp MA ADV purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $32,000. Finally, Yousif Capital Management LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $32,000. Institutional investors own 75.17% of the company's stock.

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.