Lucid Group (NASDAQ:LCID) Shares Up 1.1% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) rose 1.1% on Wednesday . The stock traded as high as $11.85 and last traded at $11.7550. Approximately 3,372,745 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 10,936,566 shares. The stock had previously closed at $11.63.

Analyst Ratings Changes

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

Lucid Group Price Performance

The stock has a market capitalization of $3.81 billion, a P/E ratio of -1.10 and a beta of 0.86. The company’s 50-day simple moving average is $15.05 and its 200-day simple moving average is $19.86. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) 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 firm had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. During the same quarter in the prior year, the firm earned ($2.76) EPS. The company’s revenue was up 68.3% on a year-over-year basis. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the company. Cigna Investments Inc. New bought a new position in shares of Lucid Group in the second quarter valued at approximately $25,000. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% during the 2nd 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 in the last quarter. Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group during the 2nd quarter valued at $26,000. Integrity Alliance LLC. bought a new position in Lucid Group in the 1st quarter worth about $27,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Lucid Group by 111.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock valued at $29,000 after purchasing an additional 6,295 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.