Lucid Group (NASDAQ:LCID) Shares Up 2.8% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 2.8% during trading on Friday . The stock traded as high as $25.07 and last traded at $24.77. 11,158,571 shares were traded during mid-day trading, a decline of 4% from the average session volume of 11,627,389 shares. The stock had previously closed at $24.10.

Analyst Upgrades and Downgrades

Several brokerages have commented on LCID. Stifel Nicolaus set a $2.10 price target on shares of Lucid Group in a report on Friday, August 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lucid Group in a report on Saturday, September 27th. Cantor Fitzgerald lifted their price objective on shares of Lucid Group from $20.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. Finally, Morgan Stanley lifted their price objective on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $23.85.

Lucid Group Price Performance

The business’s 50-day simple moving average is $21.86 and its 200-day simple moving average is $23.33. The stock has a market cap of $7.61 billion, a PE ratio of -2.15 and a beta of 0.81. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm had revenue of $259.43 million during the quarter, compared to analysts’ expectations of $288.10 million. During the same quarter in the previous year, the firm posted ($2.90) EPS. Lucid Group’s revenue was up 29.3% compared to the same quarter last year. On average, research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. HB Wealth Management LLC purchased a new position in shares of Lucid Group during the first quarter valued at about $25,000. Sterling Investment Counsel LLC purchased a new position in shares of Lucid Group during the first quarter valued at about $25,000. Grimes & Company Inc. purchased a new position in shares of Lucid Group during the first quarter valued at about $27,000. Integrity Alliance LLC. purchased a new position in shares of Lucid Group during the first quarter valued at about $27,000. Finally, Valeo Financial Advisors LLC increased its position in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the period. 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.