Lucid Group (NASDAQ:LCID) Stock Price Up 6.1% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 6.1% during mid-day trading on Thursday . The company traded as high as $2.26 and last traded at $2.26. Approximately 21,500,039 shares were traded during trading, a decline of 38% from the average daily volume of 34,649,703 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

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

Lucid Group Stock Performance

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 simple moving average of $3.23 and a two-hundred day simple moving average of $3.09.

Lucid Group (NASDAQ:LCID) last issued 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 firm had revenue of $200.58 million during 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%. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. As a group, research analysts predict that Lucid Group, Inc. will post -1.22 earnings per share for the current year.

Insider Transactions at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the firm’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 value of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -100.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Bach sold 89,959 shares of the 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 transaction, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently bought and sold shares of the stock. Axim Planning & Wealth bought a new stake in Lucid Group in the 3rd quarter worth $48,000. Crumly & Associates Inc. bought a new position in Lucid Group during the 3rd quarter valued at approximately $38,000. Latko Wealth Management Ltd. purchased a new stake in Lucid Group in the 3rd quarter worth approximately $39,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Lucid Group in the 3rd quarter worth approximately $192,000. Finally, Ballentine Partners LLC increased its stake in shares of Lucid Group by 67.3% during the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock valued at $119,000 after buying an additional 13,554 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.