Lucid Group (NASDAQ:LCID) Trading Up 7.7% - Time to Buy?

Key Points

• Lucid's stock rose 7.7% to $9.24 on Monday with about 10.76 million shares traded, roughly 50% above its average daily volume.
• Analyst views are mixed—two Buys, five Holds and three Sells—with MarketBeat's average rating of "Reduce" and an average price target of $12.86 (Citigroup at $17, RBC cut to $8).
• The company has a market cap of $3.03 billion, a negative P/E (-0.76) and high leverage ( debt-to-equity 3.0), and the stock trades below its 50-day ($9.96) and 200-day ($13.25) moving averages; institutions own about 75% of the shares.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was up 7.7% during mid-day trading on Monday . The stock traded as high as $9.24 and last traded at $9.24. Approximately 10,759,330 shares traded hands during mid-day trading, an increase of 50% from the average daily volume of 7,156,698 shares. The stock had previously closed at $8.58.

Analyst Ratings Changes

Several analysts have issued reports on LCID shares. Benchmark restated a "buy" rating on shares of Lucid Group in a research note on Thursday, February 19th. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 5th. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research note on Friday, March 27th. Citigroup started coverage on Lucid Group in a research note on Wednesday, March 18th. They issued a "buy" rating and a $17.00 price objective on the stock. Finally, Royal Bank Of Canada dropped their price objective on Lucid Group from $10.00 to $8.00 and set a "sector perform" rating on the stock in a research note on Monday. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Lucid Group has an average rating of "Reduce" and an average price target of $12.86.

Lucid Group Stock Performance

The company has a market cap of $3.03 billion, a P/E ratio of -0.76 and a beta of 1.16. 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 stock has a 50 day moving average price of $9.96 and a two-hundred day moving average price of $13.25.

Hedge Funds Weigh In On Lucid Group

Large investors have recently made changes to their positions in the company. Leonteq Securities AG bought a new position in shares of Lucid Group during the fourth quarter worth approximately $67,000. Caitong International Asset Management Co. Ltd bought a new position in Lucid Group during the 4th quarter worth $77,000. Eurizon Capital SGR S.p.A. bought a new position in Lucid Group during the 4th quarter worth $86,000. HITE Hedge Asset Management LLC bought a new position in Lucid Group during the 3rd quarter worth $212,000. Finally, Johnson & White Wealth Management LLC bought a new position in Lucid Group during the 3rd quarter worth $238,000. 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.