Lucid Group (NASDAQ:LCID) Stock Price Up 3.1% - Still a Buy?

Key Points

• Lucid Group shares rose 3.1% to about $10.68 (intraday high $10.90) on Wednesday while volume was roughly 3.99 million shares, down ~45% from its average daily volume.
• Analyst sentiment is mixed but tilting negative: notable downgrades from Morgan Stanley and Bank of America (both setting $10 targets) and a MarketBeat consensus rating of "Reduce" with an average price target of $13.14.
• Fundamentals show a $3.5 billion market cap, a negative P/E (-0.88) and high leverage (debt-to-equity 3.00), with the stock trading below its 200-day moving average ($14.26) and liquidity metrics (quick ratio 0.83, current ratio 1.25) underlining short-term constraints.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price rose 3.1% on Wednesday . The company traded as high as $10.90 and last traded at $10.68. Approximately 3,995,810 shares were traded during trading, a decline of 45% from the average daily volume of 7,203,280 shares. The stock had previously closed at $10.36.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent analyst reports. Morgan Stanley cut shares of Lucid Group from a "buy" rating to an "underweight" rating and decreased their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Benchmark restated a "buy" rating on shares of Lucid Group in a research note on Thursday, February 19th. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 5th. Bank of America started coverage on Lucid Group in a report on Wednesday, March 4th. They issued an "underperform" rating and a $10.00 target price for the company. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $13.14.

Lucid Group Stock Up 3.1%

The firm's 50-day simple moving average is $10.31 and its 200 day simple moving average is $14.26. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The company has a market cap of $3.50 billion, a P/E ratio of -0.88 and a beta of 1.12.

Institutional Trading of Lucid Group

Several large investors have recently modified their holdings of LCID. Leonteq Securities AG bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $67,000. Caitong International Asset Management Co. Ltd bought a new position in Lucid Group in the fourth quarter valued at approximately $77,000. Eurizon Capital SGR S.p.A. acquired a new position in Lucid Group during the fourth quarter valued at approximately $86,000. HITE Hedge Asset Management LLC acquired a new position in Lucid Group during the third quarter valued at approximately $212,000. Finally, Johnson & White Wealth Management LLC bought a new stake in Lucid Group during the third quarter worth $238,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.