Lucid Group (NASDAQ:LCID) Trading Up 2.2% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 2.2% on Wednesday . The company traded as high as $2.27 and last traded at $2.14. 56,285,453 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 89,133,313 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Trading Up 3.6 %

The company’s 50-day moving average is $2.81 and its 200 day moving average is $2.89. The company has a market cap of $6.56 billion, a price-to-earnings ratio of -1.62 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Institutional investors have recently bought and sold shares of the business. Public Investment Fund increased its holdings in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. raised its stake in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Lucid Group during the fourth quarter worth $34,123,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.