Lucid Group (NASDAQ:LCID) Stock Price Up 2.9% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) traded up 2.9% during trading on Thursday . The stock traded as high as $11.98 and last traded at $11.45. 7,414,503 shares were traded during mid-day trading, a decline of 33% from the average session volume of 11,018,172 shares. The stock had previously closed at $11.13.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on LCID shares. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $21.54.

Lucid Group Price Performance

The stock has a market cap of $3.71 billion, a P/E ratio of -1.07 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The firm has a 50-day moving average price of $15.83 and a 200-day moving average price of $20.16.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. During the same quarter last year, the company posted ($2.76) EPS. Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. On average, analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL bought a new position in Lucid Group in the 3rd quarter worth about $1,361,978,000. Geode Capital Management LLC increased its position in Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after buying an additional 1,554,419 shares in the last quarter. Uber Technologies Inc bought a new position in shares of Lucid Group in the third quarter worth about $326,283,000. Marshall Wace LLP raised its stake in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after buying an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after buying an additional 3,465,542 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.