Lucid Group (NASDAQ:LCID) Stock Price Up 4.2% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 4.2% during trading on Friday . The company traded as high as $2.37 and last traded at $2.38. 30,533,638 shares were traded during trading, a decline of 44% from the average session volume of 54,064,280 shares. The stock had previously closed at $2.28.

Analysts Set New Price Targets

Several research firms have recently weighed in on LCID. Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, February 26th. Benchmark reissued a "buy" rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, TD Cowen initiated coverage on Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 price objective for the company. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $2.69.

Lucid Group Trading Up 1.4 %

The business has a fifty day simple moving average of $2.67 and a 200 day simple moving average of $2.79. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of -1.83 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.

Remove Ads

Institutional Trading of Lucid Group

Several large investors have recently modified their holdings of LCID. California State Teachers Retirement System boosted its position in shares of Lucid Group by 0.9% during the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock worth $2,654,000 after acquiring an additional 8,023 shares in the last quarter. 111 Capital acquired a new stake in shares of Lucid Group in the 4th quarter valued at $52,000. Public Employees Retirement System of Ohio increased its stake in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock valued at $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC raised its holdings in shares of 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 buying an additional 4,653 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 worth $7,890,000 after buying an additional 504,171 shares during the last quarter. 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.