Lucid Group (NASDAQ:LCID) Trading Up 1.4% - Time to Buy?

Key Points

• Lucid shares rose 1.4% to $6.70 in Tuesday trading, although volume was 67% below the stock’s average daily volume.
• Analyst sentiment remains cautious: LCID has an average “Reduce” rating, with one Buy, seven Hold and four Sell ratings. The consensus price target is $9.56, while recent firms have lowered targets to between $6 and $14.
• Lucid has a $2.61 billion market capitalization and operates with significant financial leverage, including a 3.00 debt-to-equity ratio and negative earnings. Hedge funds and institutional investors own 75.17% of the stock.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 1.4% during trading on Tuesday . The stock traded as high as $6.73 and last traded at $6.70. 4,602,896 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 14,091,269 shares. The stock had previously closed at $6.61.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LCID. Citigroup reaffirmed a "buy" rating and set a $14.00 target price (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Robert W. Baird set a $6.00 price target on shares of Lucid Group in a research note on Wednesday, May 6th. TD Cowen dropped their price objective on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating for the company in a report on Wednesday, May 6th. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a research report on Monday, August 3rd. Finally, William Blair cut Lucid Group to a "market perform" rating in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $9.56.

Lucid Group Stock Performance

The business's fifty day moving average is $6.14 and its two-hundred day moving average is $7.85. The stock has a market capitalization of $2.61 billion, a PE ratio of -0.49 and a beta of 0.83. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC increased its holdings in shares of Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock worth $28,000 after buying an additional 2,740 shares during the last quarter. Leonteq Securities AG bought a new position in shares of Lucid Group in the 4th quarter valued at about $67,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Lucid Group in the 4th quarter valued at about $77,000. Eurizon Capital SGR S.p.A. purchased a new position in Lucid Group in the fourth quarter worth about $86,000. Finally, HITE Hedge Asset Management LLC purchased a new position in Lucid Group in the third quarter worth about $212,000. 75.17% of the stock is 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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