Lucid Group (NASDAQ:LCID) Trading 2.1% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 2.1% on Thursday . The company traded as high as $2.77 and last traded at $2.73. 16,555,775 shares traded hands during trading, a decline of 79% from the average session volume of 80,275,781 shares. The stock had previously closed at $2.67.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and set 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 report on Friday, November 8th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Up 1.9 %

The business has a fifty day moving average of $2.73 and a 200 day moving average of $3.03. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market cap of $8.19 billion, a P/E ratio of -2.03 and a beta of 0.94.

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

Institutional Investors Weigh In On Lucid Group

Several large investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in Lucid Group during the 2nd quarter worth about $26,000. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group during the fourth quarter worth about $28,000. First National Corp MA ADV acquired a new stake in Lucid Group in the 4th quarter valued at approximately $32,000. Yousif Capital Management LLC bought a new stake in Lucid Group in the 4th quarter valued at approximately $32,000. Finally, Wedge Capital Management L L P NC acquired a new position in Lucid Group during the 4th quarter worth approximately $33,000. 75.17% of the stock is currently owned by institutional investors.

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.