Lucid Group (NASDAQ:LCID) Shares Up 4.1% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded up 4.1% on Tuesday . The stock traded as high as $2.94 and last traded at $2.92. 25,292,577 shares were traded during mid-day trading, a decline of 68% from the average session volume of 80,167,672 shares. The stock had previously closed at $2.80.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. R. F. Lafferty upgraded 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 issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Royal Bank of Canada cut their price objective 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $3.04.

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Lucid Group Trading Down 2.1 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market cap of $8.52 billion, a price-to-earnings ratio of -2.11 and a beta of 0.93. The company's fifty day moving average is $2.82 and its two-hundred day moving average is $2.99.

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

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Sequoia Financial Advisors LLC grew its holdings in Lucid Group by 835.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 103,258 shares of the company's stock worth $312,000 after acquiring an additional 92,225 shares during the period. Citizens Financial Group Inc. RI acquired a new stake in shares of Lucid Group during the 4th quarter worth approximately $32,000. Marathon Trading Investment Management LLC purchased a new position in shares of Lucid Group during the 4th quarter valued at approximately $230,000. Callan Family Office LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at $33,000. Finally, Raymond James Financial Inc. purchased a new stake in Lucid Group during the fourth quarter worth $780,000. Hedge funds and other 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.