Lucid Group (NASDAQ:LCID) Trading Up 2.8% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 2.8% during mid-day trading on Thursday . The stock traded as high as $2.44 and last traded at $2.43. 17,988,246 shares were traded during trading, a decline of 67% from the average session volume of 54,429,675 shares. The stock had previously closed at $2.36.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for the company. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. TD Cowen began coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and cut their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Two 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 MarketBeat, the company currently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Price Performance

The firm has a 50 day moving average price of $2.59 and a two-hundred day moving average price of $2.73. The company has a market cap of $7.78 billion, a P/E ratio of -1.91 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

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Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of LCID. California State Teachers Retirement System raised its position in shares of Lucid Group by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock valued at $2,654,000 after purchasing an additional 8,023 shares during the period. 111 Capital purchased a new stake in shares of Lucid Group during the fourth quarter worth $52,000. Public Employees Retirement System of Ohio lifted its position 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 acquiring an additional 17,230 shares in the last quarter. Alpine Global Management LLC grew its position in shares of Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after purchasing an additional 4,653 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Lucid Group by 23.9% during 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 purchasing an additional 504,171 shares during the period. Hedge funds and other institutional investors 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.