Lucid Group (NASDAQ:LCID) Trading 0.9% Higher – Still a Buy?

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

Analysts Set New Price Targets

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

Lucid Group Stock Performance

The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -2.11 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. The stock’s 50-day moving average is $2.82 and its 200-day moving average is $2.99.

Lucid Group (NASDAQ:LCID) last posted 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 company had revenue of $200.04 million for the quarter, compared to analyst estimates 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 earned ($0.28) EPS. Analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in Lucid Group in the 2nd quarter worth $26,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group in the fourth quarter worth about $28,000. Proficio Capital Partners LLC acquired a new position in shares of Lucid Group in the fourth quarter worth about $31,000. First National Corp MA ADV purchased a new position in Lucid Group in the fourth quarter valued at about $32,000. Finally, Yousif Capital Management LLC acquired a new stake in Lucid Group during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.