Lucid Group (NASDAQ:LCID) Trading 2.3% Higher - Should You Buy?

Key Points

• Lucid shares traded up 2.3%, reaching $6.69 (intraday high $6.77) on heavy volume of 18.98 million shares, about 78% above the average session volume.
• Analysts show a mixed outlook with a marketbeat consensus of "Reduce" and a $12.25 average target; several firms have cut targets recently (RBC to $8, TD Cowen to $10 from $19) while ratings range from Buy to Sell.
• Institutional ownership is high (about 75.17%) with major buying this quarter—Goldman Sachs more than doubled its stake—yet Lucid's fundamentals show stress, with a $2.19B market cap, negative P/E, a quick ratio of 0.83 and a debt-to-equity of 3.00.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded up 2.3% on Monday . The company traded as high as $6.77 and last traded at $6.69. 18,980,426 shares were traded during trading, an increase of 78% from the average session volume of 10,688,767 shares. The stock had previously closed at $6.54.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Benchmark reiterated a "buy" rating on shares of Lucid Group in a report on Thursday, February 19th. Bank of America assumed coverage on shares of Lucid Group in a report on Wednesday, March 4th. They set an "underperform" rating and a $10.00 target price for the company. Royal Bank Of Canada dropped their target price on shares of Lucid Group from $10.00 to $8.00 and set a "sector perform" rating for the company in a report on Monday, April 13th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a report on Friday, March 27th. Finally, TD Cowen reiterated a "hold" rating and set a $10.00 target price (down from $19.00) on shares of Lucid Group in a report on Wednesday, April 15th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $12.25.

Lucid Group Stock Up 2.3%

The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. The company's fifty day simple moving average is $9.06 and its 200 day simple moving average is $11.67. The firm has a market capitalization of $2.19 billion, a PE ratio of -0.55 and a beta of 0.88.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its stake 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 valued at $267,000 after purchasing an additional 9,578 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company's stock valued at $1,226,000 after purchasing an additional 254,551 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company's stock valued at $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Lucid Group by 112.0% during 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 in the last quarter. Finally, Empowered Funds LLC increased its stake in shares of Lucid Group by 11.3% during 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 in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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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