Lucid Group (NASDAQ:LCID) Trading 2.1% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 2.1% during mid-day trading on Monday . The stock traded as high as $11.23 and last traded at $11.09. 5,265,672 shares traded hands during trading, a decline of 36% from the average session volume of 8,196,830 shares. The stock had previously closed at $10.86.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Royal Bank Of Canada lowered their price target on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 14th. Robert W. Baird set a $14.00 price objective on Lucid Group in a report on Tuesday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Stifel Nicolaus cut their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Price Performance

The firm’s fifty day moving average price is $11.40 and its 200-day moving average price is $17.10. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.60 billion, a P/E ratio of -1.04 and a beta of 1.16.

Institutional Trading of Lucid Group

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