Lucid Group (NASDAQ:LCID) Shares Up 0.7% - Still a Buy?

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

Analysts Set New Price Targets

LCID has been the topic of several recent research reports. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, February 26th. Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 19th. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the company from $3.50 to $1.13 in a report on Monday, February 24th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Stock Up 0.5 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market capitalization of $6.34 billion, a P/E ratio of -1.56 and a beta of 0.97. The stock has a fifty day moving average price of $2.81 and a two-hundred day moving average price of $2.89.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Axim Planning & Wealth acquired a new position in shares of Lucid Group in the 3rd quarter valued at about $48,000. Caprock Group LLC boosted its stake in Lucid Group by 7.4% in the third quarter. Caprock Group LLC now owns 189,961 shares of the company's stock valued at $671,000 after acquiring an additional 13,159 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Lucid Group by 84.6% during the third 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. The Manufacturers Life Insurance Company raised its position in shares of Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company's stock worth $930,000 after purchasing an additional 6,374 shares during the period. Finally, FMR LLC raised its position in shares of Lucid Group by 47.5% during the 3rd quarter. FMR LLC now owns 149,987 shares of the company's stock worth $529,000 after purchasing an additional 48,304 shares during the period. 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.

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