Lucid Group (NASDAQ:LCID) Shares Up 0.9% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 0.9% during trading on Friday . The company traded as high as $2.26 and last traded at $2.23. 10,344,705 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 34,124,086 shares. The stock had previously closed at $2.21.

Analyst Upgrades and Downgrades

LCID has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.54.

Lucid Group Price Performance

The stock has a market cap of $5.10 billion, a PE ratio of -1.84 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The company has a 50 day moving average price of $3.38 and a two-hundred day moving average price of $3.09.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The company had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. Lucid Group’s revenue was up 32.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.40) EPS. Analysts expect that Lucid Group, Inc. will post -1.22 EPS for the current year.

Insider Buying and Selling

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after purchasing an additional 3,715 shares during the period. Heritage Wealth Advisors lifted its stake in shares of Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Lucid Group by 5.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after buying an additional 4,350 shares during the period. Finally, Greenleaf Trust raised its holdings in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after acquiring an additional 4,604 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.