Lucid Group (NASDAQ:LCID) Trading Up 2.8% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 2.8% on Thursday . The stock traded as high as $2.44 and last traded at $2.43. 17,988,246 shares were traded during mid-day trading, a decline of 67% from the average session volume of 54,429,675 shares. The stock had previously closed at $2.36.

Analysts Set New Price Targets

A number of brokerages have commented on LCID. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 price objective on the stock. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Friday. Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.69.

Lucid Group Trading Down 4.1 %

The firm has a market capitalization of $7.03 billion, a P/E ratio of -1.73 and a beta of 0.97. The stock has a 50-day simple moving average of $2.61 and a two-hundred day simple moving average of $2.75. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

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Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in Lucid Group by 0.9% in the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock valued at $2,654,000 after buying an additional 8,023 shares in the last quarter. 111 Capital acquired a new position in shares of Lucid Group in the 4th quarter valued at $52,000. Public Employees Retirement System of Ohio grew its position in Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock valued at $1,026,000 after buying an additional 17,230 shares during the last quarter. Alpine Global Management LLC increased its stake in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after acquiring an additional 4,653 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock worth $7,890,000 after purchasing an additional 504,171 shares in the last quarter. Institutional investors and hedge funds 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.