Lucid Group (NASDAQ:LCID) Trading Up 4.2% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 4.2% during mid-day trading on Thursday . The company traded as high as $9.96 and last traded at $9.96. 3,989,860 shares traded hands during trading, a decline of 43% from the average session volume of 7,037,864 shares. The stock had previously closed at $9.56.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Bank of America assumed coverage on shares of Lucid Group in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective for the company. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Cantor Fitzgerald decreased their price target on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 25th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Benchmark reissued a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Lucid Group has a consensus rating of “Reduce” and a consensus target price of $13.14.

Lucid Group Stock Performance

The stock has a market cap of $3.26 billion, a price-to-earnings ratio of -0.82 and a beta of 1.16. The company’s fifty day simple moving average is $10.23 and its two-hundred day simple moving average is $13.89. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the business. J. Derek Lewis & Associates Inc. bought a new position in Lucid Group in the 4th quarter valued at about $158,000. Corient Private Wealth LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $118,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Lucid Group in the fourth quarter valued at approximately $77,000. Alpine Global Management LLC lifted its holdings in shares of Lucid Group by 561.7% in the fourth quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after purchasing an additional 19,660 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at approximately $1,355,000. 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.