Lucid Group (NASDAQ:LCID) Shares Up 2.4% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 2.4% during mid-day trading on Monday . The company traded as high as $2.65 and last traded at $2.56. Approximately 21,574,891 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 33,772,406 shares. The stock had previously closed at $2.50.

Analysts Set New Price Targets

LCID has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Robert W. Baird reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada reissued a "sector perform" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $3.54.

Lucid Group Trading Up 0.8 %

The company has a fifty day simple moving average of $3.46 and a two-hundred day simple moving average of $3.10. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The company has a market cap of $5.81 billion, a PE ratio of -1.98 and a beta of 1.04.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $190.30 million. During the same quarter last year, the company earned ($0.40) EPS. Lucid Group's revenue for the quarter was up 32.9% compared to the same quarter last year. Analysts anticipate that Lucid Group, Inc. will post -1.28 EPS for the current year.

Insider Transactions at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the company's stock in a transaction dated 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 sale, the senior vice president now directly owns 2,028,268 shares of the company's stock, valued at $6,368,761.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 61.26% of the company's stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake 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 purchasing an additional 489,187 shares in the last quarter. Bank of New York Mellon Corp grew its holdings 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 buying an additional 581,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Lucid Group by 42.9% during the 1st 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 buying an additional 732,463 shares during the last quarter. Van ECK Associates Corp grew its holdings in Lucid Group by 34.0% during the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company's stock valued at $2,558,000 after buying an additional 227,908 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock valued at $1,936,000 after buying an additional 46,997 shares during 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.