Lucid Group (NASDAQ:LCID) Trading Up 0.7% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 0.7% during mid-day trading on Monday . The company traded as high as $2.25 and last traded at $2.17. Approximately 33,960,752 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 87,273,297 shares. The stock had previously closed at $2.15.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research reports. Stifel Nicolaus decreased their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Stock Performance

The stock has a market capitalization of $6.34 billion, a PE ratio of -1.56 and a beta of 0.97. The firm's fifty day moving average is $2.75 and its 200-day moving average is $2.85. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its position in Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock valued at $1,026,000 after acquiring an additional 17,230 shares in the last quarter. Alpine Global Management LLC grew its position in Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after acquiring an additional 4,653 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Lucid Group by 23.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock valued at $7,890,000 after acquiring an additional 504,171 shares in the last quarter. Waverly Advisors LLC acquired a new position in Lucid Group in the 4th quarter valued at about $35,000. Finally, Worldquant Millennium Advisors LLC acquired a new position in Lucid Group in the 4th quarter valued at about $5,390,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.