Lucid Group (NASDAQ:LCID) Stock Price Up 0.7% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 0.7% during trading on Monday . The stock traded as high as $2.25 and last traded at $2.17. Approximately 33,960,752 shares changed hands during trading, a decline of 61% from the average daily volume of 87,273,297 shares. The stock had previously closed at $2.15.

Wall Street Analyst Weigh In

LCID has been the subject of a number of analyst reports. Benchmark reissued a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen initiated coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, February 26th. Stifel Nicolaus lowered their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Finally, Royal Bank of Canada reduced their price objective 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. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $2.69.

Lucid Group Stock Up 3.3 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of -1.61 and a beta of 0.97. The business has a 50-day moving average price of $2.81 and a 200-day moving average price of $2.89.

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Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Public Investment Fund lifted its position in shares of Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Lucid Group by 31.1% in the fourth 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 period. Two Sigma Investments LP lifted its stake in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of 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 buying an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP acquired a new position in Lucid Group in the 4th quarter valued at $34,123,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.