Lucid Group (NASDAQ:LCID) Trading Up 1.6% - Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 1.6% on Monday . The stock traded as high as $2.31 and last traded at $2.26. 26,785,089 shares were traded during trading, a decline of 69% from the average session volume of 85,571,141 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on LCID shares. Royal Bank of Canada decreased their price target on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Benchmark started coverage on Lucid Group in a research note on Wednesday, February 12th. They issued a "buy" rating and a $5.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $2.73.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a fifty day moving average of $2.89 and a 200 day moving average of $2.93. The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of -1.62 and a beta of 0.93.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the business. Crumly & Associates Inc. acquired a new stake in Lucid Group in the 3rd quarter valued at $38,000. Axim Planning & Wealth acquired a new stake in shares of Lucid Group in the third quarter valued at about $48,000. Caprock Group LLC increased its stake in Lucid Group by 7.4% during the 3rd quarter. Caprock Group LLC now owns 189,961 shares of the company's stock worth $671,000 after buying an additional 13,159 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Lucid Group by 2.5% in the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company's stock valued at $930,000 after buying an additional 6,374 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

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.

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.