Lucid Group (NASDAQ:LCID) Stock Price Up 3.2% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 3.2% during mid-day trading on Friday . The stock traded as high as $3.42 and last traded at $3.37. Approximately 32,065,922 shares were traded during trading, a decline of 59% from the average daily volume of 78,773,313 shares. The stock had previously closed at $3.26.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent analyst reports. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. Royal Bank of Canada lowered their target price 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. Finally, Benchmark started coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a "buy" rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $3.24.

Lucid Group Trading Down 3.0 %

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 company has a market capitalization of $10.16 billion, a price-to-earnings ratio of -2.52 and a beta of 0.93. The business's 50 day simple moving average is $2.94 and its 200 day simple moving average is $2.97.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Public Investment Fund lifted its position in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. increased its stake in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after buying an additional 26,172,852 shares during the period. Geode Capital Management LLC increased its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after buying an additional 4,844,782 shares during the period. Renaissance Technologies LLC increased its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after buying an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP lifted its position in 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 valued at $47,873,000 after purchasing an additional 15,493,320 shares during the period. 75.17% of the stock is 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.