Lucid Group (NASDAQ:LCID) Trading 4.3% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 4.3% during trading on Monday . The stock traded as high as $7.91 and last traded at $7.70. 9,733,985 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 14,238,732 shares. The stock had previously closed at $7.38.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research analyst reports. William Blair downgraded Lucid Group to a “market perform” rating in a research note on Monday. TD Cowen decreased their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Evercore set a $6.00 price target on Lucid Group in a report on Monday, May 11th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Morgan Stanley set a $5.00 target price on Lucid Group in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $9.56.

Lucid Group Stock Up 4.3%

The stock’s 50-day moving average price is $6.04 and its two-hundred day moving average price is $7.98. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The stock has a market capitalization of $3.01 billion, a P/E ratio of -0.58 and a beta of 0.83.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after buying an additional 2,740 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after buying an additional 5,000 shares during the last quarter. Jump Financial LLC bought a new position in shares of Lucid Group during the 2nd quarter worth $41,000. Worldquant Millennium Advisors LLC bought a new position in shares of Lucid Group during the 2nd quarter worth $59,000. Finally, Leonteq Securities AG purchased a new stake in Lucid Group in the 4th quarter worth about $67,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

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.