Lucid Group (NASDAQ:LCID) Trading Up 2.7% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 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 were traded during mid-day trading, a decline of 62% from the average daily volume of 54,459,023 shares. The stock had previously closed at $2.42.

Analysts Set New Price Targets

A number of research firms have recently commented on LCID. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target for the company. Finally, Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $2.69.

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Lucid Group Stock Performance

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 business has a 50 day moving average price of $2.61 and a 200 day moving average price of $2.75. The stock has a market cap of $7.03 billion, a P/E ratio of -1.73 and a beta of 0.97.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the business. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the third quarter valued at $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group in the 3rd quarter valued at about $863,000. Charles Schwab Investment Management Inc. grew its stake 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 worth $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after acquiring an additional 249,500 shares during the period. Finally, Empowered Funds LLC bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $301,000. Institutional investors own 75.17% of the company's stock.

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.