Lucid Group (NASDAQ:LCID) Trading 2.7% Higher - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 2.7% during mid-day trading on Monday . The company traded as high as $2.51 and last traded at $2.49. Approximately 20,868,661 shares changed hands during trading, a decline of 62% from the average daily volume of 54,459,023 shares. The stock had previously closed at $2.42.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent research reports. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Cowen assumed coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Benchmark reissued a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 price target on the stock. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2.69.

Lucid Group Stock Up 1.3 %

The business has a fifty day moving average of $2.64 and a 200 day moving average of $2.77. 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 stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of -1.78 and a beta of 0.97.

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Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System increased its stake in Lucid Group by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock worth $2,654,000 after purchasing an additional 8,023 shares during the period. 111 Capital purchased a new stake in Lucid Group in the 4th quarter valued at $52,000. Public Employees Retirement System of Ohio boosted its stake in shares of Lucid Group by 5.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock worth $1,026,000 after buying an additional 17,230 shares during the period. Alpine Global Management LLC lifted its position in Lucid Group by 7.4% during the 4th 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 grew its position in Lucid Group by 23.9% in 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 valued at $7,890,000 after buying an additional 504,171 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.