Lucid Group (NASDAQ:LCID) Trading 3.4% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 3.4% during mid-day trading on Tuesday . The company traded as high as $11.06 and last traded at $11.00. Approximately 6,269,769 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 8,332,743 shares. The stock had previously closed at $10.64.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus lowered their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Trading Up 3.4%

The stock has a 50 day moving average of $11.83 and a 200 day moving average of $18.10. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The firm has a market cap of $3.57 billion, a P/E ratio of -1.03 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business’s quarterly revenue was up 68.3% on a year-over-year basis. During the same period in the prior year, the business posted ($2.76) earnings per share. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the third quarter valued at approximately $1,361,978,000. Geode Capital Management LLC grew its position in shares of Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after acquiring an additional 1,554,419 shares during the period. Uber Technologies Inc purchased a new position in shares of Lucid Group during the 3rd quarter valued at $326,283,000. Marshall Wace LLP increased its holdings in Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.