Lucid Group (NASDAQ:LCID) Trading 6.9% Higher - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were up 6.9% during mid-day trading on Wednesday . The company traded as high as $2.50 and last traded at $2.49. Approximately 62,940,992 shares changed hands during trading, an increase of 2% from the average daily volume of 61,971,167 shares. The stock had previously closed at $2.33.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Robert W. Baird upped their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research report on Monday, April 21st. Benchmark reissued a "buy" rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Bank of America downgraded Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cowen assumed coverage on Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Finally, Stifel Nicolaus cut their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

The stock's fifty day simple moving average is $2.40 and its 200-day simple moving average is $2.58. The company has a market capitalization of $7.58 billion, a PE ratio of -1.87 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Several large investors have recently modified their holdings of LCID. Public Investment Fund increased its position in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after buying an additional 26,172,852 shares during the period. Geode Capital Management LLC grew its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after acquiring an additional 4,844,782 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP grew its holdings in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. 75.17% of the stock is currently 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.