Lucid Group (NASDAQ:LCID) Shares Up 2.5% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 2.5% on Monday . The company traded as high as $10.57 and last traded at $10.31. Approximately 5,201,134 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 7,325,979 shares. The stock had previously closed at $10.06.

Analyst Ratings Changes

LCID has been the topic of several research reports. Citigroup initiated coverage on shares of Lucid Group in a research report on Wednesday, March 18th. They set a “buy” rating and a $17.00 price target on the stock. Royal Bank Of Canada restated a “sector perform” rating and issued a $10.00 price objective on shares of Lucid Group in a research report on Wednesday, February 25th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a research note on Tuesday, January 6th. Finally, Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus target price of $13.14.

Lucid Group Stock Performance

The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of -0.88 and a beta of 1.12. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The stock has a 50-day moving average of $10.31 and a 200 day moving average of $14.26.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. boosted its stake in Lucid Group by 11.1% in the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock valued at $719,000 after acquiring an additional 34,116 shares during the last quarter. HBK Investments L P acquired a new position in shares of Lucid Group in the 2nd quarter valued at $2,658,000. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group in the 3rd quarter worth $1,361,978,000. Y Intercept Hong Kong Ltd bought a new position in shares of Lucid Group in the 3rd quarter worth $2,248,000. Finally, Marex Group plc acquired a new stake in shares of Lucid Group during the second quarter worth $7,613,000. 75.17% of the stock is owned by institutional investors.

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.