Lucid Group (NASDAQ:LCID) Trading 2% Higher - Should You Buy?

Key Points

• Lucid shares rose 2% to $8.12 in Thursday trading, with about 14.1 million shares changing hands. The stock has a market capitalization of approximately $3.17 billion.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating, with one Buy, six Hold and four Sell ratings. The consensus price target is $9.56, while several analysts recently lowered targets to $6–$7.
• Institutional investors own approximately 75.17% of Lucid, and several firms—including Goldman Sachs, AQR Capital Management and NewEdge Advisors—expanded their positions during the first quarter.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 2% on Thursday . The company traded as high as $8.22 and last traded at $8.12. Approximately 14,066,718 shares changed hands during trading, a decline of 2% from the average session volume of 14,304,234 shares. The stock had previously closed at $7.96.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Robert W. Baird set a $6.00 target price on Lucid Group in a report on Wednesday, May 6th. Royal Bank Of Canada reissued a "sector perform" rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a research note on Wednesday, June 24th. Zacks Research cut shares of Lucid Group from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. Finally, Evercore set a $6.00 target price on shares of Lucid Group in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $9.56.

Lucid Group Price Performance

The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -0.62 and a beta of 0.83. The stock's 50-day simple moving average is $5.96 and its 200 day simple moving average is $8.03.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in shares of Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company's stock worth $267,000 after buying an additional 9,578 shares during the period. AQR Capital Management LLC lifted its stake 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 in the last quarter. NewEdge Advisors LLC boosted its holdings in Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company's stock valued at $92,000 after acquiring an additional 19,294 shares during the period. Goldman Sachs Group Inc. grew its position in Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company's stock worth $268,000 after purchasing an additional 11,252 shares during the period. Institutional investors and hedge funds 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.

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