Lucid Group (NASDAQ:LCID) Trading 7.1% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 7.1% during mid-day trading on Tuesday . The company traded as high as $3.55 and last traded at $3.55. Approximately 39,941,069 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 79,108,445 shares. The stock had previously closed at $3.31.

Analyst Ratings Changes

A number of research analysts have issued reports on LCID shares. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Benchmark began coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price on the stock. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus target price of $3.24.

Lucid Group Trading Down 1.8 %

The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of -2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business’s 50-day simple moving average is $2.98 and its two-hundred day simple moving average is $2.98.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group during the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. raised its stake in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the period. CWM LLC raised its stake in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after purchasing an additional 6,771 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake 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 valued at $771,000 after purchasing an additional 249,500 shares during the period. 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.