Lucid Group (NASDAQ:LCID) Shares Up 0.9% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 0.9% on Thursday . The company traded as high as $3.04 and last traded at $2.94. Approximately 29,277,328 shares traded hands during trading, a decline of 63% from the average daily volume of 79,218,977 shares. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Royal Bank of Canada dropped 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 research note on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Price Performance

The stock has a 50 day moving average price of $2.80 and a two-hundred day moving average price of $3.00. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of -2.15 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

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

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group in the 2nd quarter valued at $26,000. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group in the fourth quarter valued at $28,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group in the fourth quarter valued at about $31,000. First National Corp MA ADV acquired a new stake in shares of Lucid Group during the fourth quarter worth about $32,000. Finally, Yousif Capital Management LLC acquired a new position in Lucid Group in the 4th quarter valued at about $32,000. 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.