Lucid Group (NASDAQ:LCID) Stock Price Up 4.3% - Time to Buy?

Key Points

• Lucid shares rose 4.3% to $7.70 in Monday trading, although volume was about 32% below the average session level.
• Analyst sentiment remains negative: Lucid has a consensus rating of “Reduce”, with one Buy, seven Hold and four Sell ratings; the average price target is $9.56.
• Institutional investors own 75.17% of the company, with several major firms—including Goldman Sachs and AQR Capital Management— increasing their holdings during the first quarter.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 4.3% during trading on Monday . The company traded as high as $7.91 and last traded at $7.70. Approximately 9,733,985 shares traded hands during trading, a decline of 32% from the average session volume of 14,238,732 shares. The stock had previously closed at $7.38.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Zacks Research lowered shares of Lucid Group from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. Royal Bank Of Canada restated a "sector perform" rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a research note on Monday. Benchmark lowered shares of Lucid Group from a "buy" rating to a "hold" rating in a report on Wednesday, May 6th. Finally, TD Cowen cut their price objective on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of "Reduce" and an average price target of $9.56.

Lucid Group Stock Performance

The firm has a market cap of $3.01 billion, a P/E ratio of -0.58 and a beta of 0.83. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The company's 50-day moving average is $6.04 and its two-hundred day moving average is $7.98.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LCID. Royal Bank of Canada raised its position in Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company's stock valued at $267,000 after buying an additional 9,578 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Lucid Group by 89.9% during the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company's stock worth $1,226,000 after acquiring an additional 254,551 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company's stock worth $92,000 after acquiring an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Lucid Group by 112.0% in 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 last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company's stock valued at $268,000 after purchasing an additional 11,252 shares during the last quarter. Institutional investors own 75.17% of the company's stock.

About Lucid Group

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.