Lucid Group (NASDAQ:LCID) Trading Up 3.4% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 3.4% on Monday . The company traded as high as $2.97 and last traded at $2.89. 36,660,008 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 82,442,555 shares. The stock had previously closed at $2.79.

Analysts Set New Price Targets

Several equities research analysts recently commented on LCID shares. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Price Performance

The business’s 50-day simple moving average is $2.69 and its 200-day simple moving average is $3.05. The stock has a market cap of $8.21 billion, a PE ratio of -2.03 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). The company had revenue of $200.04 million for the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same period in the previous year, the firm posted ($0.28) EPS. On average, research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. purchased a new position in Lucid Group during the third quarter valued at approximately $3,209,000. Nisa Investment Advisors LLC raised its position in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after purchasing an additional 249,500 shares during the period. Main Management ETF Advisors LLC bought a new position in Lucid Group in the 3rd quarter worth $863,000. Finally, Centiva Capital LP bought a new stake in Lucid Group during the third quarter valued at about $824,000. 75.17% of the stock is currently owned by institutional investors.

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.