Lucid Group (NASDAQ:LCID) Trading Up 3.6% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 3.6% on Friday . The company traded as high as $10.73 and last traded at $10.28. 6,166,831 shares were traded during mid-day trading, a decline of 23% from the average session volume of 7,981,852 shares. The stock had previously closed at $9.92.

Analyst Ratings Changes

Several analysts have recently commented on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and reduced their target price for the company from $30.00 to $10.00 in a report on Monday, December 8th. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research report on Tuesday, January 6th. Stifel Nicolaus cut their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Trading Up 3.6%

The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The business has a 50-day moving average price of $11.14 and a two-hundred day moving average price of $16.55. The firm has a market cap of $3.33 billion, a PE ratio of -0.96 and a beta of 1.16.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Valeo Financial Advisors LLC increased its stake in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new position in Lucid Group during the second quarter worth $29,000. Kingsview Wealth Management LLC acquired a new position in shares of Lucid Group in the second quarter worth $30,000. Brown Advisory Inc. raised its holdings in shares of Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Keynote Financial Services LLC purchased a new stake in shares of Lucid Group in the second quarter valued at $35,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.