Lucid Group (NASDAQ:LCID) Shares Up 4.3% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) traded up 4.3% during trading on Tuesday . The company traded as high as $10.40 and last traded at $10.32. 6,039,464 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 7,467,282 shares. The stock had previously closed at $9.89.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America initiated coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target on the stock. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Stifel Nicolaus dropped their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $12.50.

Lucid Group Stock Performance

The company has a market cap of $3.38 billion, a price-to-earnings ratio of -0.85 and a beta of 1.12. The firm’s 50 day simple moving average is $10.43 and its 200-day simple moving average is $14.69. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25.

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of the business. Rockefeller Capital Management L.P. raised its stake in Lucid Group by 11.1% during the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after purchasing an additional 34,116 shares during the period. HBK Investments L P acquired a new stake in shares of Lucid Group during the 2nd quarter worth approximately $2,658,000. Highbridge Capital Management LLC purchased a new stake in shares of Lucid Group during the 2nd quarter valued at approximately $3,245,000. Y Intercept Hong Kong Ltd purchased a new position in Lucid Group in the third quarter worth approximately $2,248,000. Finally, Marex Group plc purchased a new position in Lucid Group in the second quarter worth approximately $7,613,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.