Lucid Group (NASDAQ:LCID) Trading Up 3.5% - Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 3.5% during mid-day trading on Wednesday . The stock traded as high as $2.81 and last traded at $2.79. 18,676,258 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 75,550,320 shares. The stock had previously closed at $2.69.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research reports. Royal Bank of Canada decreased 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 note on Tuesday, November 19th. Benchmark initiated coverage on shares of Lucid Group in a research note on Wednesday. They issued a "buy" rating and a $5.00 target price on the stock. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $3.24.

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Lucid Group Trading Up 1.5 %

The stock has a market cap of $9.97 billion, a PE ratio of -2.47 and a beta of 0.93. 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 company's 50-day moving average price is $2.91 and its 200 day moving average price is $2.98.

Institutional Trading of Lucid Group

Institutional investors have recently added to or reduced their stakes in the stock. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the 3rd quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC acquired a new stake in Lucid Group in the 3rd quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% in the 3rd 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. CWM LLC increased its holdings in Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company's stock valued at $121,000 after purchasing an additional 6,771 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after purchasing an additional 249,500 shares during 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.