Lucid Group (NASDAQ:LCID) Trading 3.2% Higher - Still a Buy?

Key Points

• Lucid shares rose 3.2% to $6.50 in Monday trading, while volume was 43% below the stock’s average daily level.
• Analyst sentiment remains weak: LCID has an average “Reduce” rating, with six Holds and four Sells versus one Buy, and an average price target of $9.56.
• Institutional investors own 75.17% of the company, with several large firms—including Goldman Sachs, BNP Paribas and HRT Financial—recently increasing their positions; however, Lucid continues to show a negative P/E ratio and a debt-to-equity ratio of 3.00.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 3.2% during trading on Monday . The stock traded as high as $6.66 and last traded at $6.50. Approximately 8,003,399 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 14,099,863 shares. The stock had previously closed at $6.30.

Analysts Set New Price Targets

LCID has been the topic of a number of analyst reports. Evercore set a $6.00 target price on shares of Lucid Group in a report on Monday, May 11th. Morgan Stanley set a $5.00 price target on Lucid Group in a report on Wednesday, May 6th. Zacks Research cut Lucid Group from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $9.56.

Lucid Group Price Performance

The business's 50-day moving average price is $5.86 and its 200 day moving average price is $8.11. The company has a market capitalization of $2.54 billion, a P/E ratio of -0.49 and a beta of 0.83. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Uber Technologies Inc purchased a new position in shares of Lucid Group during the third quarter worth about $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Goldman Sachs Group Inc. grew its stake 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 worth $13,166,000 after buying an additional 2,874,603 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock worth $9,465,000 after buying an additional 2,167,882 shares in the last quarter. Finally, HRT Financial LP increased its holdings in shares of Lucid Group by 148.1% in the 2nd quarter. HRT Financial LP now owns 3,465,146 shares of the company's stock worth $7,311,000 after buying an additional 2,068,440 shares during the last quarter. 75.17% of the stock is owned by 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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