Lucid Group (NASDAQ:LCID) Stock Price Up 4.1% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 4.1% during trading on Tuesday . The company traded as high as $2.94 and last traded at $2.92. 25,292,577 shares changed hands during trading, a decline of 68% from the average session volume of 80,167,672 shares. The stock had previously closed at $2.80.

Wall Street Analyst Weigh In

LCID has been the topic of a number of recent analyst reports. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock’s 50-day moving average price is $2.77 and its 200-day moving average price is $3.00. The company has a market cap of $8.87 billion, a P/E ratio of -2.20 and a beta of 0.93.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $199.50 million. During the same quarter in the previous year, the company earned ($0.28) EPS. Equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Charles Schwab Investment Management Inc. boosted its stake in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. bought a new position in Lucid Group in the 3rd quarter valued at approximately $3,209,000. Van ECK Associates Corp boosted its position in Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock valued at $3,764,000 after buying an additional 633,410 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in shares of Lucid Group by 114.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock worth $3,019,000 after buying an additional 533,973 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new position in shares of Lucid Group in the 4th quarter valued at $861,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.