Lucid Group (NASDAQ:LCID) Trading Up 2.2% - Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 2.2% during mid-day trading on Tuesday . The company traded as high as $2.60 and last traded at $2.51. 57,436,484 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 58,363,307 shares. The stock had previously closed at $2.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LCID shares. Benchmark reissued a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Redburn Atlantic cut Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $2.69.

Lucid Group Stock Down 0.8 %

The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of -1.87 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The business's 50 day moving average is $2.52 and its 200-day moving average is $2.65.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in Lucid Group during the 4th quarter valued at approximately $780,000. Norges Bank bought a new stake in shares of Lucid Group in the fourth quarter valued at approximately $9,446,000. Nisa Investment Advisors LLC boosted its position in shares of Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after acquiring an additional 249,500 shares during the period. Empowered Funds LLC acquired a new stake in shares of Lucid Group in the fourth quarter worth $301,000. Finally, New York State Common Retirement Fund raised its stake in Lucid Group by 5.7% during the 4th quarter. New York State Common Retirement Fund now owns 517,238 shares of the company's stock valued at $1,562,000 after purchasing an additional 28,000 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

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.