Lucid Group (NASDAQ:LCID) Trading Up 2.5% - Time to Buy?

Key Points

• Lucid Group's stock price increased by 2.5% during mid-day trading, reaching a last traded price of $21.92.
• Analysts have varying price targets for Lucid Group, with Cantor Fitzgerald raising their target to $26.00 while Stifel Nicolaus set a much lower target of $2.10.
• Institutional investors have shown significant interest in Lucid Group, with 75.17% of the stock owned by hedge funds and other institutional investors.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was up 2.5% during mid-day trading on Tuesday . The company traded as high as $22.35 and last traded at $21.92. Approximately 6,672,574 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 11,517,718 shares. The stock had previously closed at $21.39.

Analysts Set New Price Targets

A number of research analysts have issued reports on LCID shares. Stifel Nicolaus set a $2.10 target price on shares of Lucid Group in a report on Friday, August 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Cantor Fitzgerald increased their target price on shares of Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, September 24th. Finally, Morgan Stanley increased their target price on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $23.85.

Lucid Group Stock Performance

The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The stock's 50 day moving average price is $21.38 and its two-hundred day moving average price is $23.26. The firm has a market capitalization of $6.73 billion, a PE ratio of -1.91 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing analysts' consensus estimates of ($2.20) by ($0.60). The business had revenue of $259.43 million for the quarter, compared to analysts' expectations of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The company's revenue for the quarter was up 29.3% on a year-over-year basis. During the same period last year, the business earned ($2.90) earnings per share. On average, equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Marshall Wace LLP boosted its holdings in shares of 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 purchasing an additional 12,146,136 shares during the last quarter. Norges Bank acquired a new position in shares of Lucid Group in the 2nd quarter valued at $16,469,000. Linden Advisors LP acquired a new position in shares of Lucid Group in the 2nd quarter valued at $9,885,000. Marex Group plc acquired a new position in shares of Lucid Group in the 2nd quarter valued at $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 valued at $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.