Lucid Group (NASDAQ:LCID) Stock Price Up 1.4% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 1.4% during mid-day trading on Tuesday . The stock traded as high as $6.73 and last traded at $6.70. Approximately 4,602,896 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 14,091,269 shares. The stock had previously closed at $6.61.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on LCID shares. Evercore set a $6.00 target price on Lucid Group in a research report on Monday, May 11th. Morgan Stanley set a $5.00 price target on Lucid Group in a research report on Wednesday, May 6th. Robert W. Baird set a $6.00 price objective on shares of Lucid Group in a research note on Wednesday, May 6th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $9.56.

Lucid Group Stock Performance

The stock has a market cap of $2.61 billion, a P/E ratio of -0.49 and a beta of 0.83. The business has a 50 day moving average price of $6.14 and a 200 day moving average price of $7.85. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of LCID. Uber Technologies Inc bought a new position in Lucid Group in the 3rd quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after purchasing an additional 701,826 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in shares of Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock worth $9,465,000 after purchasing an additional 2,167,882 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.